Global Alumina Announces Joint Venture Budget Approval

    <<


    >>

TORONTO, April 28, 2011 /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 $6.1 million for the period May 1, 2011 through May 31, 2011. Global Alumina will be responsible for its one-third share of this amount. The joint venture board had previously approved cumulative Project funding from inception through April 2011 of $747.2 million of which $729.3 million was incurred or prepaid through March 2011 and $729.9 million has been funded to date.

Global Alumina has approximately $36.2 million in cash, $28.1 million of which is in escrow available for Project development and $8.1 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 is in a joint venture through its wholly owned subsidiary, Global Alumina International, Ltd., with BHP Billiton, Dubai Aluminium Company Limited and Mubadala Development Company PJSC, to develop a 3.6 million metric tons per annum steady state capacity alumina refinery in the bauxite-rich region of the Republic of Guinea. Global Alumina has offices in New York, London and Montreal. The Company's registered office is in St. John, New Brunswick. For further information visit the Company's website at www.globalalumina.com.

For further information, please contact:

    <<
    Michael Cella           Barbara Cano
    Global Alumina          Breakstone Group
    212 351 0010                                       646 452 2334
    cella@globalalumina.com bcano@breakstone-group.com



    >>

SOURCE Global Alumina Corporation

For further information: Web Site: http://www.globalalumina.com

Profil de l'entreprise

Global Alumina Corporation

Renseignements sur cet organisme


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.