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Global Alumina Announces Joint Venture Budget Approval
Global Alumina Corporation, 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, announced that the joint venture board of directors approved additional project funding of USD 5,9 million for the month of March 2010. The joint venture board previously approved additional project funding of USD 9,3 million for the months of January and February 2010. Global Alumina will be responsible for its one-third share of these amounts. From inception through 31 December 2009, the joint venture board had approved cumulative project funding of USD 631,6 million of which USD 624,5 million was incurred and USD 599,9 million has been funded to date. Global Alumina has approximately USD 57,8 million in cash, USD 46,1 million of which is in escrow available for project development and USD 11,7 million of which is unrestricted and available for general corporate purposes. The company also has a USD 33,3 million
subscription receivable due to the company on the completion of the project debt financing. Global Alumina and its joint venture partners are developing a 3,6 Mt/a 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 Ltd. 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. (03/2010) www.globalalumina.com