By JOHN VAN KLAVEREN
CLOSING Point Henry’s aluminium smelter cost joint owners Alcoa and Alumina $128 million, according to financial statements.
But Alumina Ltd reported that the accounting cost of the closure, which it owned 40/60 with Alcoa , was actually $267 million.
Alumina’s share of the closure cost was $51 million, which left the aluminium giant with a $50 million net after tax loss.
Alumina chief executive Peter Wasow said the company’s could still offset the closure costs if they could find a buyer for their Anglesea power station.
“On that front we do have interest in it. We do have a number of buyers going over the data,” Mr Wasow confirmed.
“Alumina Ltd’s net loss occurred due to significant charges incurred during the half, including costs associated with the closure of the Point Henry smelter.
“Excluding these charges, the company would have reported a net profit of $28.6 million.
“The joint venture maintained cost control and achieved ongoing net productivity gains against a backdrop of continued weakness in alumina pricing.”
Point Henry closed last month after the ageing smelter could no longer cope with weak aluminium prices and a strong Australian dollar.
An associated rolling mill will also close by the end of the year.
The closures will cost 1000 jobs.
The Independent reported three weeks ago that four or five multinational companies had expressed keen interest in the site.
Proposals for the site included large-scale residential developments and golf courses as well as industrial uses.
The 575-hectare site is in the early stages of decommissioning.
