Global Alumina releases 2006 year-end results



    TORONTO, March 26 /CNW/ - Global Alumina Corporation (TSX: GLA.U)
announced today that the Company's Board of Directors has approved its
financial and operating results for the year-ended December 31, 2006. The text
of the annual audited financial statements and management's discussion and
analysis can be viewed or printed from the Company's SEDAR reference page at
www.sedar.com. All dollar amounts are in U.S. dollars.

    
    2006 Highlights
    ---------------

    Significant corporate milestones included:

    -   Mining Concession granted over a 690 square kilometre area containing
        an estimated 1.4 billion tonnes of bauxite easily accessible to
        existing rail and port infrastructure;

    -   20-year, take-or-pay alumina sale and purchase agreement with
        Glencore AG for 420,000 tonnes annually;

    -   Announced increase in the expected nominal capacity of the first
        stage refinery to 3.0 million tonnes per year;

    -   Augmented management team with the addition of many of the industry's
        most talented experts, and expanded employment within Guinea directly
        and indirectly through contractors to a December peak of 1,029, over
        85% of whom are Guinean;

    -   Advanced engineering and construction activities, including
        completion of pioneer construction camp, access roads to the
        refinery, township and quarry sites, and quarry operations (including
        crushing and concrete batching plants), and commencement of port,
        refinery and rail spur sites' earthworks; and

    -   Finalized negotiations regarding the joint venture with 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.

    -   Commenced a preliminary business plan to conduct value engineering,
        seeking cost savings and efficiency improvements leading toward final
        construction cost and nominal capacity estimates and construction,
        contracting and financing plans targeting debt financial close by
        year-end and first alumina production in the middle of 2010.

    -   Arrangement of the $100 Loan Facility agreement with BHP Billiton,
        DUBAL and Mubadala or their respective affiliates, under which
        $48,699,681 has been drawn to date.

    Significant financial highlights include:

    -   Construction-in-progress increased by $116.5 million to a total of
        $192.3 million at December 31, 2006 compared to a total of
        $75.8 million on December 31, 2005;

    -   An aggregate of $37.2 million received through warrants exercised in
        2006 bringing the total equity gross proceeds raised to date to
        approximately $248 million;

    -   A net loss for year-ended December 31, 2006 of $19.5 million ($0.10
        per share) versus $17.3 million ($0.14 per share) for the previous
        year; and

    Global Alumina's 2006 Special and Annual General Meeting will be held at
9:30 am (Eastern Time) on April 25, 2007 at the Four Seasons Hotel, 21 Avenue
Road, in downtown Toronto.
    

    About Global Alumina:

    Global Alumina Corporation (Global Alumina) is a company that intends to
use the vast bauxite resources of Guinea to produce alumina for sale to the
global aluminium 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 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 Company or its subsidiaries to fulfill the
conditions precedent to completion of the joint venture agreements; 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: Investors: Michael Cella, Global Alumina, P:
(212) 351-0000, 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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