Queensland Alumina Limited (QAL)

QAL operates one of the world’s largest alumina refineries by production capacity, located in Gladstone, Australia since 1967 and operating since that time.

Rusal has initiated legal proceedings against Rio Tinto to reinstate access to one of their Queensland refineries following Australian sanctions imposed upon Rusal and certain other Russian entities and individuals.

Company Overview

Aluminium Production Corporation Ltd (APC), is an Australian producer of the mineral aluminum used in numerous products. They own and operate two alumina refineries in Queensland with one of the world’s largest production capacity for producing this mineral, along with several bauxite mines in Queensland and sell to aluminum manufacturing industry. Their long-term strategy to create shareholder value has included five non-executive directors including their chairman/CEO; also delegating authority to committees who perform various functions within management functions.

Alumina’s Board of Directors is committed to upholding the highest standard of corporate governance. It achieves this by cultivating an environment characterized by excellence, integrity and responsibility; their members possess relevant experience, qualifications and diversity. Their ultimate aim is promoting Alumina’s long-term success through sustainable business practices.

QAL Alumina Ltd (QAL) is a joint venture between Rio Tinto Limited (RIO) and United Company Rusal Limited (UC Rusal). QAL operates from its three Australian facilities of Parsons Point, South Trees, and Gladstone and boasts an annual production capacity of about 4 million metric tons; exports take place to markets worldwide such as China and India.

As of March 20, 2022, this company was owned 80% by RIO and 20% by UC Rusal; however, on 18 March 2022 Rusal was placed under sanctions by Australian courts, prompting it to cease selling alumina products in Australia due to breaching sanctions regulations.

Queensland Alumina was established in 1967 and is based out of Gladstone Central, Australia. With global access to mines, refineries and smelters for mining bauxite and alumina, Queensland Alumina provides products used across industries like automotive manufacturing, logistics services, solar energy generation and construction projects. Queensland Alumina is listed on the Australian Securities Exchange.

Finanzen

Queensland Alumina Limited is an Australian aluminum company operating out of Queensland, producing bauxite and alumina that are used in producing aluminum. As part of AWAC joint venture, which owns globally leading bauxite mines and refineries as well as 55% stakes in Portland Aluminium Smelter Victoria Australia; additionally its shares are listed both on Australian Securities Exchange (ASX) as American Depositary Receipts in both markets respectively; its financial year ends 31 December with results typically released between mid-February and mid-August each year.

QAL is one of the world’s largest alumina refineries, producing around 3.95 million tonnes per annum. Their product is used by global aluminium producers in manufacturing products like building materials, cars and aircraft. QAL ships its alumina production to United States, Europe and Asia for further processing before being used to make aluminum or other metals.

Gladstone Plant is one of the world’s largest alumina refineries and was established by Rio Tinto of Australia (80%) and Rusal (20%) as part of their partnership in 1967.

This partnership is governed by a contract between the companies, which sets forth production levels and sales methods of alumina to customers. This document is legally binding, so all parties involved must abide by any relevant laws or regulations, while providing for appropriate dispute resolution procedures should any disagreement arises.

The Court ruled that QAL’s production and supply of alumina to ABC through contractual arrangements at Gladstone Plant represented dealings with a designated person under regulations 14(1) and 12. This included both “supplying” alumina as well as transfer of ownership. Furthermore, the Court considered whether this prohibition applies when goods are produced and transferred via facilities owned indirectly by designated persons such as Gladstone Plant.

Shareholders

Queensland Alumina Limited’s shareholders play a critical role in steering its business operations. They are ultimately accountable for setting strategic goals and creating value; as well as ensuring it has sufficient resources. Furthermore, shareholders play an essential role in financial and acquisition decisions as they provide advice that allows it to make informed choices regarding investments or acquisitions.

Queensland Alumina Ltd (QAL), situated in Queensland Australia at Parsons Point, South Trees and Gladstone is one of the world’s leading alumina refineries by production capacity. Producing alumina by processing raw materials such as bauxite into powder form suitable for manufacturing aluminium products. QAL is owned jointly by Rio Tinto and Rusal (a Russian-owned company); Rio Tinto holds 80% while Rusal owns 20%.

As a response to Russia’s invasion of Ukraine, Australia issued sanctions against certain individuals and companies in Russia. These restrictions had an immediate impact on Rio Tinto-Rusal joint-owned QAL by prohibiting it from providing assets or granting loans or credit lines for Oleg Deripaska or Viktor Vekselberg who each hold significant shareholdings within QAL.

QAL asserted that sanctions constituted supervening illegality by noting that, were they to be upheld by Australian regulatory authorities, they would constitute a breach of contract and excuse QAL from fulfilling its obligations under Participants Agreement and Tolling Contracts – this being because supervening illegality provides an escape clause where performing obligations would violate law.

Queensland Alumina Limited’s directors must report changes in shareholdings within five business days to both the Australian Securities Exchange (ASX) and US markets when trading American Depositary Receipts (ADRs), which represent ownership interest in foreign stocks on the ASX under ticker symbol AWCMY. AWC operates around the world in areas including bauxite mining, refining of alumina into aluminum, and an aluminum smelter.

Directors

Queensland Alumina Limited directors are accountable for managing and setting strategic goals of their company, with their primary role being creating shareholder value through Alcoa World Alumina and Chemicals (AWAC). Their Board is supported by several committees including Audit & Risk Management Committee, Nominations & Compensation Committee and Sustainability Committee.

Queensland Alumina Ltd (QAL) is a holding company with a 40% ownership interest in several operating entities forming the Australian West Africa Alumina Corp (AWAC). QAL’s principal activities involve mining bauxite and refining it, through its joint venture agreement with Alcoa Corporation. Their portfolio consists of globally leading mines and refineries located throughout Australia, Brazil, Spain Saudi Arabia Guinea as well as a Portland aluminium smelter located in Victoria.

Alumina Limited is listed on both the Australian Securities Exchange (ASX) and the New York Stock Exchange as American Depositary Receipts (ADR), operating out of Sydney Australia with US over-the-counter trading of their ADRs. Their financial statements comply with International Financial Reporting Standards (IFRS) as adopted by Australian Accounting Standards Board Urgent Issues Group Interpretationss and the Corporations Act 2001.

Gladstone Alumina Company boasts one of the world’s largest alumina production capacities at Parsons Point and South Trees in Gladstone, Queensland. Utilizing the continuous four-state “Bayer” process, raw bauxite extracted from North Queensland Bauxite Hills is transported 2,000km southwards before finally ending up in Gladstone for processing.

Rio Tinto has come under pressure from activist groups to cut its ties with Russian oligarchs Oleg Deripaska and Viktor Vekselberg who are currently subject to US sanctions. Together they own 45.56% of En+ Group International PJSC – Rusal’s parent company – while Rio Tinto announced last month it would continue operating QAL but would withhold dividend payments until further notice.

Queensland Alumina Limited’s directors are dedicated to conducting sustainable business practices. Beyond environmental and social responsibilities, Queensland Alumina aims to maintain a sound financial foundation. As part of this endeavor, it has implemented an in-depth corporate governance structure, including internal/external audits as well as reporting to its Board. Furthermore, Queensland Alumina created a materiality assessment and sustainability framework containing details of key sustainability issues relevant to stakeholders.