Alumina’s double-up

MINER and metals producer Alumina has more than doubled first-half net profit to $US286.4 million ($389.6m), as margins jumped at its AWAC joint venture with metals giant Alcoa on the back of higher alumina prices globally.

The company expects current market conditions to continue, because of lower global supplies in the alumina market and production cuts in China.

It declared a fully-franked interim dividend of US8.6¢ cents a share, up from US4.2¢ a year ago. Alumina shares were up 12¢, or 4.35 per cent, to $2.88 at close yesterday.