First National Resource Trust is a closed end invesment company. The company's sole investment is in the Portland aluminium smelter joint venture, of which it owns 10%. The smelter in an unincorporated joint venture constituted by a participants agreement between Alcoa of Australia Limited (45%); Aluvic Services Pty Ltd (25%) China International Trust (10%) and Marubeni Aluminium Australia (10%). Most of the trust's revenues are derived from operations conducted within Australia.