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Suriname’s Suralco bauxite refinery has helped secure 2010 profits for its mother company Alcoa World Alumina and Chemicals (AWAC), Mining Weekly reports. AWAC, the online mining magazine reports, has reported a return to profitability for the 2010 financial year, posting a net profit of $35-million, a turn-around in comparison to the after-tax loss of $24-million on the previous financial year. To cover the reduction in production at the company’s Brazilian operations, performance at the Suralco refinery at Paranam in Suriname and at Point Comfort refinery in Texas had been stepped up to meet customer demand.
The performance of the Suriname and Texas mines yielded a 34 percent increase in the 2010 revenues of AWAC, a joint venture between Alumina (40% owned) and Alcoa (60% owned).
Alumina CEO Bevan explained that strong market conditions in 2010 have resulted in improved pricing, with realized alumina prices up 28% on the previous year. There has been an improving demand for aluminum, which AWAC responded to with a record production of 15,2-million tons.
“The global alumina market is entering a growth phase owing in part to the rising demand for alumina from independent, non-integrated smelters, including many in China. Global demand for alumina is forecast to increase by 12% in 2011 and global supply and demand is expected to be in balance,” said Bevan.
AWAC has bauxite mines in five countries.