TORONTO, Oct. 1 /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
the joint venture board met today and approved funding of ongoing Project
expenditures at the current rate through October 12, 2008 when it will meet
again to discuss various budget alternatives. Likewise, discussions among
Global Alumina and its joint venture partners relating to payment of the
additional $75.55 million in deferred subscription payments are progressing.
Currently, Global Alumina has approximately $44.4 million in escrowed funds
available for Project development and $19.5 million in unrestricted funds for
general corporate purposes.
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:
For further information: Michael Cella of Global Alumina,
+1-212-351-0010, firstname.lastname@example.org; or Barbara Cano of Breakstone Group,
+1-646-452-2334, email@example.com, for Global Alumina Web Site: