Alcoa Corporation announced on Tuesday that it will permanently close the Suralco alumina refinery and bauxite mines in Suriname, which has been curtailed since November 2015.
The Suriname government and Alcoa will continue to work on the agreement concerning Suralco’s remaining activities in Suriname, and till the time a decision is reached on the agreement, Alcoa will continue to operate the Afobaka hydroelectric facility, the power supplier to the Suralco alumina refinery. 
With the closure of Suralco operations, Alcoa expects to record $90-million after-tax and charges related to the restructuring activities during fourth-quarter of the current fiscal. Alcoa’s share is estimated to be $151-million over five years, with $27-million to be spent in 2017.
The company also expects to record a $31-million after-tax charge to impair gas exploration assets in Western Australia. The overall impact of the charges is estimated to be $0.66 a share.
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Alcoa said that the Q4 2016-17 financial results are not expected to be impacted on by the power outage at the Portland Aluminium smelter in Victoria, Australia.
AofA and Suralco are part of the Alcoa World Alumina and Chemicals (AWAC) group of companies owned 60 percent by Alcoa and 40 per cent by Alumina Limited.
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