Global Alumina Announces Receipt of Second Deferred Subscription Payment



    TORONTO, Jan. 13 /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
its joint venture partners have paid Global Alumina the Second Deferred
Subscription Price of approximately $33.3 million.  The payment was made into
Global Alumina's escrow account used to fund its share of Project expenditures
and any obligations under warranty claims.
    

    
    Global Alumina has approximately $103.0 million in cash, $89.9 million of
which is in escrow available for Project development and $13.1 million of
which is unrestricted and available for general corporate purposes.  A final
Third Deferred Subscription Payment of $33.3 million remains due to the
Company on the completion of the Project debt financing.
    

    
    The Company also announced that the joint venture board approved
continued Project funding of $15.6 million for the month of January 2009, of
which Global Alumina will be responsible for its one-third share.
    

    
    Global Alumina also announced the completion of its Normal Course Issuer
Bid, having repurchased for cancellation 10.9 million shares for an aggregate
cost of $5.2 million.  The Company now has 195,639,187 shares outstanding.
    

    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:

For further information: Michael Cella of Global Alumina,
+1-212-351-0010, cella@globalalumina.com; or Maura Gedid of Breakstone Group,
+1-646-452-2335, mgedid@breakstone-group.com, for Global Alumina Web Site:
http://www.globalalumina.com

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Global Alumina Corporation

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