ASX 200
Team Veye   January 22, 2026

ASX 200 Mining Stock More than 90% Up in a Year

Team Veye   January 22, 2026
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Alcoa Corporation CDIs have rocketed sharply over recent months, fueled by soaring aluminium prices at multi-year peaks and robust demand from EVs and renewables.

Alcoa Corporation (ASX: AAI)

has delivered a strong quarter 3 results with sales climbing to $2,995M from $2,904M year over year. This was fueled by stronger aluminum pricing at $3,374 per tonne. A blockbuster move came from selling its 25.1% Saudi Arabia joint venture stake to Maaden for $1,350M, mostly shares now valued with a $267 million mark to market gain which unlocked $786M profit.

This cash infusion has strengthened the balance sheet with $1,485M in cash and equivalents, with total assets at $15.97B and no major debt overhang in core segments. Production metrics impressed too as alumina shipments remained steady with Aluminum output at 579kmt quarterly, driven by restarts like San Ciprian and record runs at Warrick and Lista.

Restructuring has hit hard at $885M which was mainly from Kwinana alumina refinery's permanent closure. Yet net income has roared to $232M ($0.88 per share basic) while Adjusted EBITDA held at $374M despite the noise.

Looking ahead, Alcoa targets stable Alumina volumes and Aluminum growth amid high LME aluminum prices and Midwest premiums offsetting 50% of US-Canada tariffs. The Maaden shares (three-year hold minimum) add long-term upside which positions AAI for demand tailwinds in bauxite, alumina and aluminum as global supply tightens.

*All Values in USD.

Source: Company Reports

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