TORONTO
,
Sept. 29
/CNW/ -- 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
$14.1 million
for the months of October through
December 2009
, of which Global Alumina will be responsible for its one-third share. From inception through
September 30, 2009
, the joint venture board had approved cumulative Project funding of
$617.5 million
of which
$593.9 million
has been funded to date.
Global Alumina has approximately
$69.5 million
in cash,
$56.0 million
of which is in escrow available for Project development and
$13.5 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 www.globalalumina.com.
For further information: Michael Cella, Global Alumina, +1-212-351-0010, [email protected]; or Barbara Cano, Breakstone Group, +1-646-452-2334, [email protected] Web Site: http://www.globalalumina.com
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