Global Alumina Announces Joint Venture Budget Approval

    


    
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<p><location>TORONTO</location>, <chron>Jan. 21</chron> /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 <location>Guinea</location> (the "Project"), announced that the joint venture board of directors approved additional Project funding of <money>$17.0 million</money> for the month of <chron>February 2010</chron>.  The joint venture board previously approved additional Project funding of <money>$4.5 million</money> for the month of <chron>January 2010</chron>.  Global Alumina will be responsible for its one-third share of these amounts.  From inception through <chron>December 31, 2009</chron>, the joint venture board had approved cumulative Project funding of <money>$631.6 million</money> of which <money>$624.5 million</money> was incurred and <money>$599.9 million</money> has been funded to date.</p>
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<p>Global Alumina has approximately <money>$63.2 million</money> in cash, <money>$51.1 million</money> of which is in escrow available for Project development and <money>$12.1 million</money> of which is unrestricted and available for general corporate purposes.  The Company also has a <money>$33.3 million</money> subscription receivable due to the Company on the completion of the Project debt financing.</p>
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    About Global Alumina
    
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<p>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 <location>Guinea</location>.  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 <location>Guinea</location> 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, <location>New Brunswick</location> and has administrative offices in New York, <location>London</location> and <location>Montreal</location>. For further information visit the Company's website at <a href="http://www.globalalumina.com">www.globalalumina.com</a>.</p>
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For further information: Michael Cella, Global Alumina, [phone], [email protected]; or Barbara Cano, Breakstone Group, [phone], [email protected] Web Site: http://www.globalalumina.com