Global Alumina Announces Joint Venture Agreements in Process of Finalization



    TORONTO, March 5 /CNW/ - Global Alumina Corporation (the "Company")
(TSX: GLA.U) today announced that the Company has been informed that the
proposed joint venture with an affiliate of BHP Billiton, Dubai Aluminium
Company Limited ("DUBAL") and Mubadala Development Company PJSC ("Mubadala")
to develop and operate the Company's alumina refinery project in the Republic
of Guinea has received board approvals from two joint venture partners,
subject to resolution of outstanding issues. The parties are currently working
to resolve final outstanding issues and are awaiting management approval from
one other joint venture partner.
    The joint venture partners, who are also lenders under the US$100 million
Loan Facility Agreement, have agreed to extend from March 3, 2007 to March 10,
2007 the date within which to execute the joint venture agreements in order to
facilitate finalization. To date, the Company has drawn down an aggregate of
US$48,348,702 under the Loan Facility Agreement.
    The execution of the Loan Facility Agreement and the agreement to
negotiate the proposed joint venture were announced on November 5, 2006.
Extensions to the date by which the parties would conclude negotiations and
execute the joint venture agreements under the Loan Facility Agreement were
announced on November 30, 2006, December 29, 2006, January 12, 2007 and
February 16, 2007. A copy of the Loan Facility Agreement is available on the
Company's reference page at www.sedar.com.
    BHP Billiton is world's largest diversified resources company and the
world's sixth largest producer of primary aluminum, with a total operating
capacity in excess of one million tonnes of aluminum, approximately 14 million
tonnes of bauxite and four million tonnes of alumina per annum.
    DUBAL is the owner of one of the largest single site aluminum smelters in
the western world. DUBAL, which is wholly owned by the Dubai government,
produces and exports primary aluminum products to more than 40 countries
world-wide. DUBAL is also party to a subscription agreement with the Company
dated August 10, 2005, a copy of which is available on the Company's reference
page at www.sedar.com.
    Mubadala Development Company is a principal investment company wholly
owned by the Government of Abu Dhabi, with a mandate to establish new
businesses and acquire (wholly or partly) existing businesses either in the
UAE or abroad. Mubadala invests in a wide range of strategic sectors including
energy, utilities, health, real estate, public-private partnerships, basic
industries and services. The company's goal is to diversify and further
develop the rapidly growing economy of Abu Dhabi, while achieving solid
returns on commercially viable investments.

    About Global Alumina:

    Global Alumina Corporation is a company that intends to use the vast
bauxite resources of Guinea to produce alumina for sale to the global aluminum
industry. Global Alumina is positioned to be one of the largest companies
focused solely on alumina production and sales, and offers 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 with operations in Boké, Guinea and has administrative offices in
New York, London, Montreal and Conakry, Guinea. For further information visit
our website at www.globalalumina.com.

    Forward Looking Information

    Certain information in this release is "forward looking information",
which reflects management's expectations regarding the Company's future
growth, results of operations, performance and business prospects and
opportunities. In this release, the words "may", "would", "could", "should",
"will", "intend", "plan", "anticipate", "believe", "seek", "propose",
"estimate" and "expect" and similar expressions, as they relate to the
Company, are often, but not always, used to identify forward looking
information. Such forward looking information reflects management's current
beliefs and is based on information currently available to management. Forward
looking information involves significant risks and uncertainties, should not
be read as a guarantee of future performance or results, and will not
necessarily be accurate indications of whether or not or the times at, or by
which, such performance or results will be achieved. Such forward looking
information includes: anticipated timing of loan borrowings; the commencement
or outcome of any negotiations with third parties; future production levels;
the amount, nature and timing of capital expenditures; the timing of refinery
construction and mine start up; expectations regarding the financing of the
alumina refinery project and associated infrastructure and the sources of
financing; prices for alumina and aluminum; operation and other costs; and
business strategies and plans of management.
    A number of factors could cause actual results to differ materially from
the results discussed in the forward looking information, including, but not
limited to: a failure of the parties to reach agreement in the joint venture
negotiations or to obtain corporate approvals of the final terms of the joint
venture; a failure by the Company or its subsidiaries to complete the
preconditions to the drawdowns under the loan; the political and economic
risks of investing in a developing country; the Company may not be able to
secure sufficient financing; construction may be affected by costs overruns,
delays, labour shortages and other construction risks; the Company's
dependence on a single mining property; the possible forfeiture of the Mining
Concession (as defined in the Company's Annual Information Form dated
March 29, 2006) in certain circumstances; volatility of alumina and aluminum
prices; operational risks such as access to infrastructure and skilled labour;
the cost of resettlement of affected populations; the volatility of prices of
raw materials; and all other factors discussed under the heading "Risk
Factors" in the Company's Annual Information Form dated March 29, 2006.
Although the forward looking information contained in this release is based
upon what management of the Company believes are reasonable assumptions, the
Company cannot assure investors that actual results will be consistent with
this forward looking information. If the assumptions underlying forward
looking information prove incorrect or if more of the risks or uncertainties
materialize, actual results may vary materially from those described in this
release as intended, planned, anticipated, believed, estimated or expected.
This forward looking information is made as of the date of this release, and
the Company assumes no obligation to update or revise it to reflect new events
or circumstances.





For further information:

For further information: Investor Relations: Michael Cella, Global
Alumina, P: (212) 351-0010, cella@globalalumina.com; Media: Elynn Wareham, GCI
Group, P: (416) 486-5910, ewareham@gcigroup.com

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Global Alumina Corporation

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