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BRIEF-Alumina Says Q1 2020 Financial Performance Was Positive

Published 20/05/2020, 03:18 pm

May 20 (Reuters) - Alumina Ltd AWC.AX :

* FINANCIAL PERFORMANCE IN Q1 OF 2020 WAS POSITIVE

* SAYS AWAC 'S SUSTAINING CAPITAL REQUIREMENTS HAVE INCREASED IN 2020

* ALUMINA PRICES ONLY NEGATIVELY AFFECTED BY COVID-19 TOWARDS END OF QUARTER

* BOARD TO CLOSELY REVIEW CIRCUMSTANCES IN DETERMINING DIVIDENDS AND DEBT LEVELS FOR 2020

* PORTLAND SMELTER IN VICTORIA HAS POWER AGREEMENTS IN PLACE TO OPERATE UNTIL AT LEAST MID-2021

* AWAC INTEREST IN PORTLAND SMELTER WILL BE A FOCUS FOR CO OVER NEXT YEAR

* AWAC HAS PUT ON HOLD ALL GROWTH CAPEX FOR REST OF 2020, REDUCING SPEND BY ABOUT $30 MILLION

* STILL FINANCIALLY VIABLE FOR SMELTERS TO PRODUCE ALUMINIUM & STORE IT IN WAREHOUSES WITH FORWARD SALES

* LOWER INPUT COSTS ARE DRIVING REDUCTION IN GLOBAL ALUMINA PRODUCTION COSTS IN 2020

* FURTHER MEASURES TO REDUCE WORKING CAPITAL AND OVERHEADS ARE ALSO IN PLACE

* ON ALUMINA, AWAC CASH COST OF PRODUCTION FOR Q1 OF 2020 WAS $199/TONNE

* SUSTAINING CAPEX FOR AWAC REFINERIES EXPECTED TO BE ABOUT $90 MILLION IN 2020

* IMPACTS ON ALUMINIUM & ALUMINA INDUSTRY FROM COVID 19 MAY BE AS PROFOUND AS GLOBAL FINANCIAL CRISIS OR MORE SO

* TARGETING TO REDUCE EMISSIONS FROM REFINERIES FROM CURRENT LEVELS BY ABOUT 12% BY 2030

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