Global Alumina Announces Joint Venture Budget Approval


    


    
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<p><span class="xn-location">TORONTO</span>, <span class="xn-chron">Dec. 31, 2010</span> /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 <span class="xn-location">Guinea</span> (the "Project"), announced that the joint venture board of directors approved additional Project funding of <span class="xn-money">$5.3 million</span> for the period <span class="xn-chron">January 1, 2011</span> through <span class="xn-chron">January 31, 2011</span>.  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 <span class="xn-chron">December 2010</span> of <span class="xn-money">$728.8 million</span> of which <span class="xn-money">$717.6 million</span> was incurred or prepaid through <span class="xn-chron">November 2010</span> and <span class="xn-money">$710.4 million</span> has been funded to date.</p>
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<p>Global Alumina has approximately <span class="xn-money">$43.7 million</span> in cash, <span class="xn-money">$34.6 million</span> of which is in escrow available for Project development and <span class="xn-money">$9.1 million</span> of which is unrestricted and available for general corporate purposes.  The Company also has a <span class="xn-money">$33.3 million</span> 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 <span class="xn-location">Guinea</span>.  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 <span class="xn-location">Guinea</span> 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, <span class="xn-location">New Brunswick</span> and has administrative offices in New York, <span class="xn-location">London</span> and <span class="xn-location">Montreal</span>. For further information visit the Company's website at <a href="http://www.globalalumina.com">www.globalalumina.com</a>.</p>
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<p>For further information, please contact:</p>
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    Michael Cella           Barbara Cano
    Global Alumina          Breakstone Group
    212 351 0010                                       646 452 2334
    cella@globalalumina.com bcano@breakstone-group.com





    

For further information: For further information: Michael Cella, Global Alumina, +1-212-351-0010, cella@globalalumina.com; Barbara Cano, Breakstone Group, +1-646-452-2334, bcano@breakstone-group.com Web Site: http://www.globalalumina.com

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