Australia's Alumina to raise A$1.02 bln in shares

SYDNEY, April 30 (Reuters) - Australian-listed Alumina Ltd (AWC.AX), the world's largest supplier of alumina to the aluminium industry, is raising about A$1.02 billion ($730 million) in new shares, the company said on Thursday.

Alumina is a 40 percent partner in the Alcoa World Alumina and Chemicals joint venture. Alcoa (AA.N) holds 60 percent.

Alumina is raising the funds through a 7-for-10 rights issue at A$1 per share, including institutional and retail offers. It said it would use the new funds to repay debt and effectively remove refinancing risk due in 2010. (Reporting by Mark Bendeich; editing by Bruce Hextall)