Global Alumina Announces Joint Venture Budget Approval
31 12월 2009 - 12:42AM
PR Newswire (US)
TORONTO, Dec. 30 /PRNewswire/ -- Global Alumina Corporation (TSX:
GLA.U) (the "Company" or "Global Alumina"), a corporation
participating in a joint venture to develop an alumina refinery,
mine and associated infrastructure in the bauxite-rich region of
the Republic of Guinea (the "Project"), announced that the joint
venture board of directors approved additional Project funding of
$4.5 million for the month of January 2010, of which Global Alumina
will be responsible for its one-third share. From inception through
December 31, 2009, the joint venture board had approved cumulative
Project funding of $631.6 million of which $624.5 million was
incurred and $599.9 million has been funded to date. Global Alumina
has approximately $63.4 million in cash, $51.1 million of which is
in escrow available for Project development and $12.3 million of
which is unrestricted and available for general corporate purposes.
The Company also has a $33.3 million subscription receivable due to
the Company on the completion of the Project debt financing. About
Global Alumina Global Alumina and its joint venture partners are
developing a 3.6 million metric tons per annum steady state
capacity alumina refinery located in the bauxite-rich region of the
Republic of Guinea. The joint venture partners in the Project are
Global Alumina International, Ltd., a wholly owned subsidiary of
the Company, BHP Billiton, Dubai Aluminium Company Limited and
Mubadala Development Company PJSC. The Project is one of the most
advanced new projects in Guinea with the refinery already in
feasibility stage and critical path infrastructure and site work
already underway. The Company offers a first mover advantage over
other projects in the region and an opportunity for socially
responsible investing in a country that holds over one-third of the
world's bauxite resources. Global Alumina is headquartered in Saint
John, New Brunswick and has administrative offices in New York,
London and Montreal. For further information visit the Company's
website at http://www.globalalumina.com/. DATASOURCE: Global
Alumina Corporation CONTACT: Michael Cella, Global Alumina,
+1-212-351-0010, ; or Barbara Cano, Breakstone Group,
+1-646-452-2334, Web Site: http://www.globalalumina.com/
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