Aluminium News

Rio Tinto approves further US$211 million study funding and US$1.117 billion early commitments in next stage of the Simandou iron ore mining project in Guinea

Rio Tinto is accelerating the development of the Simandou iron ore project in Guinea with the approval of a further US$211 million for continued studies and US$1.117 billion of funding for commitments for early works and procurement of long-lead items. This funding will allow the project to move forward towards first shipment of ore by mid-2015.

Alcoa and Ma’aden Complete Aluminum Project Financing Agreements

Alcoa (NYSE:AA) and The Saudi Arabian Mining Company, Ma’aden, today announced the signing of financing agreements by Ma’aden Bauxite and Alumina Company, the second phase of the US$10.8 billion Ma’aden Alcoa fully integrated aluminum joint venture.

Alcoa Third Quarter Revenue, Earnings Higher Than Year-Ago Quarter, Down Sequentially on Lower Prices and European Market Weakness

Highlights:

• Income from continuing operations of $172 million, or $0.15 per share, up 182 percent compared to third quarter 2010, down 47 percent from second quarter 2011 
• Revenue of $6.4 billion, up 21 percent over third quarter 2010, down 3 percent from second quarter 2011 
• Cash from operations of $489 million in the quarter, $1.1 billion year-to-date
• Free cash flow of $164 million in the quarter, $250 million year-to-date
• Debt-to-capital ratio of 33.7 percent and cash on hand of $1.3 billion

Powerhouse wants to add expertise to energy-positive building project

The Powerhouse alliance, which includes Hydro, is looking for companies with expertise to participate in the development of Norway’s first energy-positive commercial building. The building will be located at Brattørkaia in Trondheim.

Alcoa to Host Webcast of Third Quarter 2011 Results