Alumina Limited chief executive Mike Ferraro has welcomed further regulatory oversight of his bauxite mines in Western Australia but says the company can’t tolerate the administrative delays that helped drive his company to its worst financial result in nine years.

Alumina has traditionally been a reliable, low-risk dividend stock but declined to pay an interim dividend on Tuesday as it reported a $US42.9 million underlying half year loss. The loss was driven by modest prices for its eponymous commodity and poor productivity forced by environmental permitting challenges in Western Australia.