Alumina Limited is a public company listed on the Australian and New York Stock Exchanges. It was formed in 2003 in a demerger from Western Mining Corporation, and is one of the top 100 companies on the ASX (by market capitalization).

Alumina's only business activity is as the owner of a 40% share in a joint venture with Alcoa called Alcoa World Alumina and Chemicals (AWAC). AWAC's business is the mining of bauxite, the extraction of alumina (aluminium oxide) and the smelting of pure aluminium. It has about 17% of the global alumina market. Alcoa owns the remaining 60% of the business and acts as day-to-day manager.

In Australia, AWAC trades as Alcoa of Australia (AoA), which owns two bauxite mines and three refineries (to extract aluminium oxide from bauxite) in Western Australia and owns a smelter (to extract pure aluminium metal) and has a controlling interest in another in Victoria.

AWAC also has operations or interests in Texas, Suriname, Jamaica, Brazil, Spain, Guinea, and owns Alcoa Steamship.

Alumina's Chief Executive Officer is John Bevan and the board is chaired by Donald Morley.

Given that the management of Alumina's assets is performed entirely by other companies, their extensive governance structure and regular board meetings have attracted adverse comment. Internet publication Crikey describe Alumina's board as "corporate Australia's cosiest and most expensive lunch club".