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2026-11-06
◂ Monitor AAI ASX

ALCOA CORPORATION

Producer · Bauxite · Others · Australia · Brazil · Guinea · Spain · Canada · Iceland · Norway · United States · Saudi Arabia Rating locked: sign in to view v8.1 · aai-20261030t224404-full
Last 2026-11-06
A$55.94
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$14.8B
EV
A$15.2B
Cash
US$4.4B
Debt
US$4.8B

Portfolio detail

Assets

7 assets

Core asset

Alumina and bauxite platform

Australia · Brazil · Guinea · Spain

Producer100% ownedBauxite

Integrated operating cash-generating unit; physical facilities are separately registered.

Producer · Producer
Production annualised (attributable)
9.9m td
Production (last FY, 100%)
9.6m t
AISC (latest quarter)
—
AISC margin at spot
—
Delivery vs guidance
47.9%d
Reserve life
NM
Head grade
—

Core asset

Aluminium and energy platform

Australia · Brazil · Canada · Iceland · Norway · Spain · United States

Producer100% ownedOthers

Integrated operating cash-generating unit; physical facilities are separately registered.

Producer · Producer
Production annualised (attributable)
2.6m td
Production (last FY, 100%)
2.3m t
AISC (latest quarter)
—
AISC margin at spot
—
Delivery vs guidance
49.7%d
Reserve life
NM
Head grade
—

Material

Locked Maaden listed equity

Saudi Arabia

Resource Stage100% ownedOthers

Retained listed equity; modelling stage is a contract placeholder, not a mining development stage.

Equity investment · Held
Investee
Saudi Arabian Mining Company / Maaden
Holding
—
Shares held
85.98m
Market value
—
% of holder's market cap
—
Cost basis
US$1.2b

Material

Darling Range: Huntly and Willowdale

Australia

Producer100% ownedBauxite

Owned mine economic interest. Operating and resource evidence retained separately; feedstock cash value included in Alumina platform, not added twice.

Producer · Producer
Production annualised (attributable)
—
Production (last FY, 100%)
25.8m t
AISC (latest quarter)
—
AISC margin at spot
—
Delivery vs guidance
—
Reserve life
NM
Head grade
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves3
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured and Indicated186.8 Mt attributable dry bauxite30.0% available aluminaBauxite2025-12-31
Mineral ResourceInferred51.9 Mt attributable dry bauxiteInferred category grade retained in annual table; not assigned M+I averageBauxite2025-12-31
Ore ReserveProved and Probable392.9 Mt attributable dry bauxite31.2% available aluminaBauxite2025-12-31
Tenements1
darling-leaseGranted702,261 ha · 2045-12-31

Material

Juruti

Brazil

Producer100% ownedBauxite

Owned mine economic interest. Operating and resource evidence retained separately; feedstock cash value included in Alumina platform, not added twice.

Producer · Producer
Production annualised (attributable)
—
Production (last FY, 100%)
6.7m t
AISC (latest quarter)
—
AISC margin at spot
—
Delivery vs guidance
—
Reserve life
NM
Head grade
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves3
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured and Indicated63.5 Mt attributable dry bauxite45.3% available aluminaBauxite2025-12-31
Mineral ResourceInferred514.2 Mt attributable dry bauxiteInferred category grade retained in annual table; not assigned M+I averageBauxite2025-12-31
Ore ReserveProved and Probable70 Mt attributable dry bauxite47.0% available aluminaBauxite2025-12-31
Tenements1
juruti-leaseGranted200,255 ha · No expiry supplied

Material

Pocos de Caldas bauxite mines

Brazil

Producer100% ownedBauxite

Owned mine economic interest. Operating and resource evidence retained separately; feedstock cash value included in Alumina platform, not added twice.

Producer · Producer
Production annualised (attributable)
—
Production (last FY, 100%)
500.0k t
AISC (latest quarter)
—
AISC margin at spot
—
Delivery vs guidance
—
Reserve life
NM
Head grade
—
Resources & reserves3
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured and Indicated9.2 Mt attributable dry bauxite37.1% available aluminaBauxite2025-12-31
Mineral ResourceInferred2.9 Mt attributable dry bauxiteInferred category grade retained in annual table; not assigned M+I averageBauxite2025-12-31
Ore ReserveProved and Probable2.1 Mt attributable dry bauxite40.7% available aluminaBauxite2025-12-31
Tenements1
pocosmine-leaseGranted11,137 ha · No expiry supplied

Material

Boke / CBG

Guinea

Producer22.95% ownedBauxite

Owned mine economic interest. Operating and resource evidence retained separately; feedstock cash value included in Alumina platform, not added twice.

Producer · Producer
Production annualised (attributable)
—
Production (last FY, 100%)
3.7m t
AISC (latest quarter)
—
AISC margin at spot
—
Delivery vs guidance
—
Reserve life
NM
Head grade
—

Project location

Approximate location

Loading location…

© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Resources & reserves3
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured and Indicated1.4K Mt attributable dry bauxite46.6% total alumina; 3% moisture basisBauxite2025-12-31
Mineral ResourceInferred174.5 Mt attributable dry bauxiteInferred category grade retained in annual table; not assigned M+I averageBauxite2025-12-31
Ore ReserveProved and Probable82.2 Mt attributable dry bauxite46.3% total alumina; 3% moisture basisBauxite2025-12-31
Tenements1
boke-leaseGranted293,900 ha · 2039-12-31

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)

Stock database

Other assets

Plants, holdings and assets valued inside a project
Becancour / ABI smelter · Processing plant / refinery · Operating
Product and spec
Primary aluminium and value-added cast products
Nameplate capacity
467.0k t/yr
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
NM
Feed source
Internal and externally purchased alumina; contracted electricity
Offtake contracted
—
Alumar refinery · Processing plant / refinery · Operating
Product and spec
Smelter-grade alumina
Nameplate capacity
3.9m t/yr
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
NM
Feed source
Owned bauxite and contractual supply/offtake
Offtake contracted
—
Alumar smelter · Processing plant / refinery · Operating
Product and spec
Primary aluminium and value-added cast products
Nameplate capacity
447.0k t/yr
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
NM
Feed source
Internal and externally purchased alumina; contracted electricity
Offtake contracted
—
Baie-Comeau smelter · Processing plant / refinery · Operating
Product and spec
Primary aluminium and value-added cast products
Nameplate capacity
324.0k t/yr
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
NM
Feed source
Internal and externally purchased alumina; contracted electricity
Offtake contracted
—
Barra Grande hydro · Other · Held
Ownership
42.2%
Description
Power interest; attributable capacity 150 MW. Internal electricity and external sales included in Aluminium platform.
Book value
—
Deschambault smelter · Processing plant / refinery · Operating
Product and spec
Primary aluminium and value-added cast products
Nameplate capacity
287.0k t/yr
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
NM
Feed source
Internal and externally purchased alumina; contracted electricity
Offtake contracted
—
ELYSIS inert-anode technology JV · Other · Held
Ownership
48.2%
Description
Demonstration technology option; no commercial cash-flow anchor.
Book value
—
Estreito hydro · Other · Held
Ownership
25.5%
Description
Power interest; attributable capacity 155 MW. Internal electricity and external sales included in Aluminium platform.
Book value
—
Fjardaal smelter · Processing plant / refinery · Operating
Product and spec
Primary aluminium and value-added cast products
Nameplate capacity
351.0k t/yr
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
NM
Feed source
Internal and externally purchased alumina; contracted electricity
Offtake contracted
—
Wagerup gallium joint venture · Other · Held
Ownership
—
Description
US$24m Alcoa committed investment; ownership split is not disclosed in reviewed quarter, so 100 here denotes investment carrying exposure, not joint venture equity percentage.
Book value
—
Closed Kwinana refinery · Other · Held
Ownership
100%
Description
Permanently closed September 2025; cleanup 2026–2031 included in legacy liability bridge.
Book value
—
Lista smelter · Processing plant / refinery · Operating
Product and spec
Primary aluminium and value-added cast products
Nameplate capacity
95.0k t/yr
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
NM
Feed source
Internal and externally purchased alumina; contracted electricity
Offtake contracted
—
Machadinho hydro · Other · Held
Ownership
27.3%
Description
Power interest; attributable capacity 126 MW. Internal electricity and external sales included in Aluminium platform.
Book value
—
Manicouagan / McCormick hydro · Other · Held
Ownership
40%
Description
Power interest; attributable capacity 133 MW. Internal electricity and external sales included in Aluminium platform.
Book value
—
Massena West smelter · Processing plant / refinery · Operating
Product and spec
Primary aluminium and value-added cast products
Nameplate capacity
130.0k t/yr
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
NM
Feed source
Internal and externally purchased alumina; contracted electricity
Offtake contracted
—
Mosjoen smelter · Processing plant / refinery · Operating
Product and spec
Primary aluminium and value-added cast products
Nameplate capacity
200.0k t/yr
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
NM
Feed source
Internal and externally purchased alumina; contracted electricity
Offtake contracted
—
Pinjarra refinery · Processing plant / refinery · Operating
Product and spec
Smelter-grade alumina
Nameplate capacity
4.7m t/yr
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
NM
Feed source
Owned bauxite and contractual supply/offtake
Offtake contracted
—
Pocos de Caldas refinery · Processing plant / refinery · Operating
Product and spec
Smelter-grade alumina
Nameplate capacity
390.0k t/yr
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
NM
Feed source
Owned bauxite and contractual supply/offtake
Offtake contracted
—
Portland smelter · Processing plant / refinery · Operating
Product and spec
Primary aluminium and value-added cast products
Nameplate capacity
358.0k t/yr
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
NM
Feed source
Internal and externally purchased alumina; contracted electricity
Offtake contracted
—
San Ciprian refinery · Processing plant / refinery · Operating
Product and spec
Smelter-grade alumina
Nameplate capacity
1.6m t/yr
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
NM
Feed source
Owned bauxite and contractual supply/offtake
Offtake contracted
—
San Ciprian smelter · Processing plant / refinery · Operating
Product and spec
Primary aluminium and value-added cast products
Nameplate capacity
228.0k t/yr
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
NM
Feed source
Internal and externally purchased alumina; contracted electricity
Offtake contracted
—
Serra do Facao hydro · Other · Held
Ownership
35%
Description
Power interest; attributable capacity 60 MW. Internal electricity and external sales included in Aluminium platform.
Book value
—
Strathcona calciner · Other · Held
Ownership
39%
Description
Calcined coke supply interest included in Aluminium platform input cost.
Book value
—
Wagerup refinery · Processing plant / refinery · Operating
Product and spec
Smelter-grade alumina
Nameplate capacity
2.9m t/yr
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
NM
Feed source
Owned bauxite and contractual supply/offtake
Offtake contracted
—
Warrick coal power · Other · Held
Ownership
100%
Description
Power interest; attributable capacity 821 MW. Internal electricity and external sales included in Aluminium platform.
Book value
—
Warrick smelter · Processing plant / refinery · Operating
Product and spec
Primary aluminium and value-added cast products
Nameplate capacity
215.0k t/yr
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
NM
Feed source
Internal and externally purchased alumina; contracted electricity
Offtake contracted
—