alumina limited is a leading australian company listed on the australian securities exchange (asx) and the over-the-counter (otc) market in the u.s. our strategy is to invest world-wide in bauxite mining, alumina refining and selected aluminium smelting operations through our 40% ownership of alcoa world alumina & chemicals (awac), the western world's largest alumina business. our partner, alcoa, owns the remaining 60% of awac and is the manager. the awac joint venture was formed in 1994 and our partnership with alcoa dates back to 1961.