Global Alumina Receives $42.2 Million Deferred Subscription Payment



    TORONTO, Oct. 27 /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
it has received the aggregate first deferred subscription payment from its
joint venture partners of approximately $42.2 million.  The payment has been
placed in Global Alumina's escrow account and will be used to fund its share
of Project expenditures and any obligations under warranty claims. 
Discussions among Global Alumina and its joint venture partners relating to
payment of the second deferred subscription payment are progressing and the
parties have agreed on a process by which outstanding matters will be
resolved.
    

    
    Currently, Global Alumina has approximately $86.7 million in escrow funds
available for Project development and $19.6 million in unrestricted funds for
general corporate purposes.  To date, Global Alumina has contributed
approximately $88.2 million of capital to the Project joint venture since its
inception on May 17, 2008 including the approximately $26.7 million
contributed on completion of formation of the joint venture.
    

    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.  Global Alumina
is positioned to be one of the only companies focused solely on alumina
production and sales.  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, please contact:
    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 of Global Alumina,
+1-212-351-0010, cella@globalalumina.com; or Barbara Cano of Breakstone Group,
+1-646-452-2334, bcano@breakstone-group.com Web Site:
http://www.globalalumina.com

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Global Alumina Corporation

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