Equity Investments. The following table summarizes information of Alcoa Corporation’s equity investments as of December 31, 2018 and 2017 (the Elysis Limited Partnership began in June 2018 (see below)):

In June 2018, Alcoa Corporation, Rio Tinto plc, and the provincial government of Quebec, Canada launched a new joint venture, Elysis Limited Partnership (Elysis). The purpose of this partnership is to advance larger scale development and commercialization of the Company’s patent-protected technology that produces oxygen and eliminates all direct greenhouse gas emissions from the traditional aluminum smelting process. Alcoa Corporation and Rio Tinto plc, as general partners, each own a 48.235% stake in Elysis, and the Quebec provincial government, as a limited partner, owns a 3.53% stake. The federal government of Canada and Apple Inc., as well as the Quebec provincial government, will provide initial financing to the partnership. The total planned combined investment (equity and debt) of the five participants in the joint venture is $145 (C$188). Alcoa Corporation and Rio Tinto plc will invest a combined $42 (C$55) over the next three years, as well as contribute and license certain intellectual property and patents to Elysis. In 2018, the Company contributed $5 (C$6) toward its initial investment commitment in Elysis.

In 2018, 2017, and 2016, Alcoa Corporation received $45, $71, and $74, respectively, in dividends from these equity investments. Financial information for these equity investments is as follows (amounts represent 100% of the investee’s financial information):

	Saudi Arabia Joint Venture⁽¹⁾			Halco Mining, Inc.			Energetica Barra Grande S.A.			Pechiney Reynolds Quebec, Inc.			Consorcio Serra do Facão			Mineração Rio do Norte S.A.			Manicouagan Power L.P.			DBNGP Trust⁽²⁾		Total
Profit and loss data— year ended December 31, 2018
Sales	$	3,986		$	402		$	84		$	120		$	93		$	400		$	106		$	—	$	5,191
Cost of goods sold		3,334			268			66			110			71			254			9			—	$	4,112
Income before income taxes		301			41			17			8			21			120			96			—	$	604
Net income		9			38			6			16			19			33			89			—	$	210
Equity in net income of affiliated companies, before reconciling adjustments		2			17			3			8			7			6			36			—	$	79
Other		(13	)		(2	)		—			(1	)		(1	)		(8	)		(3	)		—	$	(28	)
Alcoa Corporation’s equity in net (loss) income of affiliated companies		(11	)		15			3			7			6			(2	)		33			—	$	51
Profit and loss data— year ended December 31, 2017
Sales	$	3,032		$	416		$	131		$	332		$	103		$	350		$	105		$	—	$	4,469
Cost of goods sold		2,776			266			117			292			48			273			9			—		3,781
(Loss) income before income taxes		(142	)		50			13			35			45			35			96			—		132
Net (loss) income		(157	)		47			5			23			46			30			88			—		82
Equity in net (loss) income of affiliated companies, before reconciling adjustments		(39	)		21			2			11			16			6			35			—		52
Other		9			(1	)		—			—			—			—			2			—		10
Alcoa Corporation’s equity in net (loss) income of affiliated companies		(30	)		20			2			11			16			6			37			—		62
Profit and loss data— year ended December 31, 2016
Sales	$	1,970		$	437		$	60		$	309		$	90		$	451		$	104		$	86	$	3,507
Cost of goods sold		1,905			242			35			272			65			297			10			18		2,844
(Loss) income before income taxes		(295	)		53			16			36			8			152			94			21		85
Net (loss) income		(295	)		50			15			16			5			129			87			14		21
Equity in net (loss) income of affiliated companies, before reconciling adjustments		(75	)		23			6			8			2			23			35			3		25
Other		7			2			(1	)		(4	)		—			(1	)		—			—		3
Alcoa Corporation’s equity in net (loss) income of affiliated companies		(68	)		25			5			4			2			22			35			3		28

	Saudi Arabia Joint Venture⁽¹⁾		Halco Mining, Inc.		Energetica Barra Grande S.A.		Pechiney Reynolds Quebec, Inc.		Consorcio Serra do Facão		Mineração Rio do Norte S.A.		Manicouagan Power L.P.		DBNGP Trust⁽²⁾		Total
Balance sheet data—as of December 31, 2018
Current assets	$	1,684	$	58	$	18	$	139	$	43	$	127	$	23	$	—	$	2,092
Noncurrent assets		9,115		164		224		97		242		653		76		—		10,571
Current liabilities		1,379		10		5		49		20		116		11		—		1,590
Noncurrent liabilities		6,101		17		18		4		83		422		—		—		6,645
Balance sheet data—as of December 31, 2017
Current assets	$	1,415	$	40	$	44	$	140	$	79	$	121	$	23	$	—	$	1,862
Noncurrent assets		9,373		174		285		106		261		744		72		—		11,015
Current liabilities		1,331		1		48		65		25		220		9		—		1,699
Noncurrent liabilities		6,191		12		6		12		117		413		—		—		6,751

⁽¹⁾	The amounts included in this column represent the combined financial information related to Ma’aden Aluminum Company, Ma’aden Bauxite and Alumina Company, and Ma’aden Rolling Company.

⁽²⁾	AofA sold its interest in the Dampier to Bunbury Natural Gas Pipeline (DBNGP) Trust in April 2016 (see DBNGP Trust below).

Saudi Arabia Joint Venture—Alcoa Corporation and Saudi Arabian Mining Company (known as “Ma’aden”) have a 30-year (from December 2009) joint venture shareholders agreement (automatic extension for an additional 20 years, unless the parties agree otherwise or unless earlier terminated) setting forth the terms for the development, construction, ownership, and operation of an integrated aluminum complex in Saudi Arabia. Specifically, the project developed by the joint venture consists of: (i) a bauxite mine for the extraction of approximately 4,000 kmt of bauxite from the Al Ba’itha bauxite deposit near Quiba in the northern part of Saudi Arabia; (ii) an alumina refinery with an initial capacity of 1,800 kmt; (iii) a primary aluminum smelter with an initial capacity of 740 kmt; and (iv) an aluminum rolling mill with an initial capacity of 380 kmt. The refinery, smelter, and rolling mill were constructed in an industrial area at Ras Al Khair on the east coast of Saudi Arabia. The facilities use critical infrastructure, including power generation derived from reserves of natural gas, as well as port and rail facilities, developed by the government of Saudi Arabia. First production from the smelter, rolling mill, and mine and refinery occurred in December of 2012, 2013, and 2014, respectively.

In 2012, Alcoa Corporation and Ma’aden agreed to expand the capabilities of the rolling mill to include a capacity of 100 kmt dedicated to supplying the automotive, building and construction, and foil packaging markets with aluminum sheet. First production related to the expanded capacity occurred in 2014. This expansion did not result in additional equity investment (see below) due to significant savings from a change in the project execution strategy of the initial 380 kmt capacity of the rolling mill.

The joint venture is owned 74.9% by Ma’aden and 25.1% by Alcoa Corporation and consists of three separate companies as follows: one each for the mine and refinery, the smelter, and the rolling mill. The Alcoa Corporation affiliates that hold the Company’s interests in the smelting company and the rolling mill company are wholly-owned by Alcoa Corporation, and the Alcoa Corporation affiliate that holds the Company’s interests in the mining and refining company is majority-owned (part of AWAC) by Alcoa Corporation. Except in limited circumstances, Alcoa Corporation may not sell, transfer or otherwise dispose of or encumber or enter into any agreement in respect of the votes or other rights attached to its interests in the joint venture without Ma’aden’s prior written consent.

Ma’aden and Alcoa Corporation have put and call options, respectively, whereby Ma’aden can require Alcoa Corporation to purchase from Ma’aden, or Alcoa Corporation can require Ma’aden to sell to Alcoa Corporation, a 14.9% interest in the joint venture at the then fair market value. These options may only be exercised in a six-month window that opens five years after the last Commercial Production Date (as defined in the joint venture shareholders agreement) of the three joint venture companies and, if exercised, must be exercised for the full 14.9% interest. The Commercial Production Date was declared on September 1, 2014 for the smelting company and on October 1, 2016 for the mining and refining company. There has not been a similar declaration yet for the rolling mill company.

Ma’aden and Alcoa Corporation also may not sell, transfer, or otherwise dispose of, pledge, or encumber any interests in the joint venture until five years after the last Commercial Production Date. Under the joint venture shareholders agreement, upon the occurrence of an unremedied event of default by Alcoa Corporation, Ma’aden may purchase, or, upon the occurrence of an unremedied event of default by Ma’aden, Alcoa Corporation may sell, its interest for consideration that varies depending on the time of the default.

A number of Alcoa Corporation employees perform various types of services for the smelting, rolling mill, and mining and refining companies as part of the operation of the fully-integrated aluminum complex. At December 31, 2018 and 2017, the Company had an aggregate outstanding receivable of $11 and $13, respectively, from the smelting, rolling mill, and mining and refining companies for labor and other employee-related expenses.

Capital investment in the project is expected to total approximately $10,800 (SAR 40.5 billion) and has been funded through a combination of equity contributions by the joint venture partners and project financing obtained by the joint venture companies, which has been partially guaranteed by both partners (see below). Both the equity contributions and the guarantees of the project financing are based on the joint venture partners’ ownership interests. Originally, it was estimated that Alcoa Corporation’s total equity contribution in the joint venture related to the capital investment in the project would be approximately $1,100, of which Alcoa Corporation has contributed $982, including $1 in 2016. Based on changes to both the project’s capital investment and equity and debt structure from the initial plans, the estimated $1,100 equity contribution may be reduced. Separate from the capital investment in the project, Alcoa Corporation contributed $66 (Ma’aden contributed $199) to the joint venture in 2017 for short-term funding purposes in accordance with the terms of the joint venture companies’ financing arrangements. Both partners may be required to make such additional contributions in future periods. As of December 31, 2018 and 2017, the carrying value of Alcoa Corporation’s investment in this joint venture was $874 and $887, respectively.

The rolling mill company has project financing totaling $1,179 (reflects principal repayments made through December 31, 2018), of which $296 represents Alcoa Corporation’s 25.1% interest in the rolling mill company. Alcoa Corporation has issued guarantees (see below) to the lenders in the event of default on the debt service requirements by the rolling mill company through 2018 and 2021 (Ma’aden issued similar guarantees related to its 74.9% interest). Alcoa Corporation’s guarantees for the rolling mill company cover total debt service requirements of $50 in principal and up to a maximum of approximately $10 in interest per year (based on projected interest rates). Previously, Alcoa Corporation issued similar guarantees related to the project financing of both the smelting company and the mining and refining company. In December 2017 and July 2018, the smelting company and the mining and refining company, respectively, refinanced and/or amended all of their existing outstanding debt. The guarantees that were previously required of Alcoa Corporation related to both the smelting company and the mining and refining company were effectively terminated. At December 31, 2018 and 2017, the combined fair value of the guarantees was $1 and $3, respectively, which was included in Other noncurrent liabilities and deferred credits on the accompanying Consolidated Balance Sheet.

As a result of the Separation Transaction, the various lenders to the joint venture companies required Arconic to maintain joint and several guarantees with Alcoa Corporation. In the event of default by any of the joint venture companies, the lenders would make a claim against both Alcoa Corporation and Arconic. Accordingly, Alcoa Corporation would perform under its guarantee; however, if the Company failed to perform, Arconic would be required to perform under its own guarantee. Arconic would then subsequently seek indemnification from Alcoa Corporation under the terms of the Separation and Distribution Agreement.

DBNGP Trust—In April 2016, AofA sold its 20% interest in a consortium, which owned the DBNGP in Western Australia, to the only other member of the consortium, DUET Group. AofA received $145 (A$192) in cash, which was included in Sales of investments on the accompanying Statement of Consolidated Cash Flows, and recorded a gain of $27 (A$35) ($11 (A$15) after-tax and noncontrolling interest) in Other income, net on the accompanying Statement of Consolidated Operations. As part of the sale transaction, AofA will maintain its current access to approximately 30% of the DBNGP transmission capacity for gas supply to its three alumina refineries in Western Australia under an existing agreement to purchase gas transmission services from the DBNGP. At December 31, 2018 and 2017, AofA has an asset of $275 (A$393) and $300 (A$385), respectively, representing prepayments made under the agreement for future gas transmission services. In 2016, prior to the sale transaction, AofA made contributions of $3 (A$5) to the consortium under an equity call plan.