1. Limited diversification: Alumina Limited primarily operates in the alumina industry, which can be a disadvantage compared to peers that have diversified operations across multiple sectors. This lack of diversification can make the company more vulnerable to industry-specific risks and fluctuations in market conditions.

2. Dependence on key customers: Alumina Limited may be heavily reliant on a few key customers for a significant portion of its revenue. This dependence can pose a risk if these customers reduce their orders or switch to alternative suppliers, potentially impacting the company's financial performance.

3. Exposure to commodity price volatility: As a producer of alumina, Alumina Limited is exposed to fluctuations in commodity prices. Changes in alumina prices can significantly impact the company's profitability, making it more vulnerable to market volatility compared to peers with more stable revenue streams.

4. Environmental and regulatory risks: The alumina industry is subject to strict environmental regulations due to the potential environmental impact of its operations. Alumina Limited may face challenges in complying with these regulations, which can result in increased costs, fines, or reputational damage.

5. Limited geographical presence: Alumina Limited's operations are primarily concentrated in Australia, which can be a disadvantage compared to peers with a more global presence. This limited geographical diversification may expose the company to regional economic risks and fluctuations in local market conditions.

6. Capital-intensive operations: The alumina industry requires significant capital investments in infrastructure, equipment, and technology. Alumina Limited may face challenges in raising sufficient capital for expansion or modernization projects, potentially limiting its ability to compete with peers that have greater financial resources.