Alcoa To Wind Down Anglesea Power Station

(RTTNews) - Alcoa Inc (AA) on Monday said that Alcoa of Australia will permanently close the Anglesea coal mine and power station on August 31.

As a result of the closure, Alcoa expects to record 2015 restructuring-related charges of $30 million to $35 million, after-tax and non-controlling interest, or $0.02 to $0.03 per share, of which about 80 percent would be recorded in the second quarter.

The Anglesea power station previously supplied about 40 percent of the power needs for the Point Henry smelter in Geelong, Victoria. Alcoa said in February 2014 that it would conduct a sales process for the site, which has been operating as an independent supplier to the National Electricity Market since the smelter closed in August 2014. The sales process did not result in a sale.

Alcoa's free cash flow target for 2015 of $500 million remains unchanged.

Alcoa of Australia Limited is 60 percent owned by Alcoa Inc and 40 percent owned by Alumina Ltd