Alumina to take $136m hit from write-offs
Post Date: 04 Jan 2017 Viewed: 843
Alumina has outlined the size of the hit it will take from charges related to its AWAC joint venture's closure of an alumina refinery and bauxite mines in Suriname as well as an impairment of interest in a Western Australia gas field.
The recently announced closure of the Suriname operations - a joint venture between Alcoa and Alumina - will result in total restructuring-related charges of $108 million and related cash costs of $181 million over five years from 2017.
Alumina said its share of the charges and costs will be $43 million and $72 million respectively, while it will bear another $21 million of a $52 million charge related to the Perth basin gas field impairment.