Alcoa World Alumina and Chemicals is a joint venture between Alumina Limited (40% share) and Alcoa (60% share) and is abbreviated to AWAC. AWAC's business is the mining of bauxite,[1] the extraction of alumina (aluminium oxide) and the smelting of aluminium. It has about 25% of the global alumina market. Alcoa acts as the day-to-day manager.