Alumina Ltd

AWC: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$9.32	Hnrhq	Bvzlrmbv

Alumina: Assumed Extended Diet of Lower Bauxite Grades Leads to Downgrades

Mark Taylor

Oct 20, 2023

No-moat Alumina owns 40% of the world’s largest alumina refining enterprise, Alcoa World Alumina and Chemicals, or AWAC. We reduced our fair value estimate for Alumina by 9% to AUD 1.18 after pushing out the expected date for reinstatement of AWAC access to higher-grade bauxite reserves in Western Australia.

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