Gas shortage to cut Alumina A $31 mln in Q3 earnings
Thursday July 10, 2008, 5:51 pm(Adds details)
SYDNEY, July 10 (Reuters) - A gas shortage in west Australia will reduce Alumina Ltd's (ASX: AWC.ax) third quarter after tax underlying earnings by about A$31 million ($29 million), the company said on Thursday.
Alumina's alumina and aluminium making operations are run under a joint venture with Alcoa of Australia, which is 60 percent owned by U.S. based Alcoa Inc AA.N and 40 percent by Alumina.
An explosion on June 3 at Apache Energy's APA.N Varanus Island facility in Western Australia state shut gas production, disrupting power supplies to Western Australia state, including to the alumina refineries run by the joint venture.
Alumina said the estimated impact on earnings from the explosion was based estimates by Apache that supplies will be restored by mid-August 2008. ($1=A$1.05) (Reporting by James Regan)
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Thu 10th July 2008 - 05:51pm
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