Update on Alcoa's acquisition proposal

Alumina Limited (ASX: $AWC) has received notification from Alcoa Corporation (Alcoa) that AAC Investments Australia 2 Pty Ltd, a wholly owned indirect subsidiary of Alcoa, has obtained Australian Foreign Investment Review Board (FIRB) approval for the proposed acquisition of 100% of Alumina's fully paid ordinary shares. The FIRB approval satisfies a condition outlined in the Scheme Implementation Deed, with the Transaction targeted for implementation on Thursday, 1 August 2024, pending the fulfillment of other conditions precedent.

Executive Commentary on FIRB Approval

The receipt of FIRB approval marks a significant milestone in the progress of the proposed acquisition by Alcoa. We are pleased with the development and remain focused on meeting the remaining conditions for the successful implementation of the Transaction. We appreciate the ongoing support and look forward to the next steps in this process.

Summary of Alumina's Acquisition Update

Alumina Limited (ASX: $AWC) has announced the receipt of FIRB approval for the proposed acquisition by Alcoa Corporation. The approval satisfies a key condition outlined in the Scheme Implementation Deed, with the Transaction targeted for implementation on Thursday, 1 August 2024, subject to the fulfillment of other conditions precedent. The company remains committed to progressing the acquisition and will continue to work towards meeting the necessary approvals from shareholders and regulatory authorities. The successful completion of the Transaction aligns with Alumina's strategic objectives and future plans, positioning the company for potential growth and development in the industry.