Global Alumina Updates Shareholders at Annual General Meeting



    TORONTO, June 4 /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"), today held its
annual general meeting of shareholders in Toronto, Canada. The meeting was
chaired by Karim Karjian, Co-Chairman of the Company.
    At the meeting the shareholders re-elected Bruce Wrobel, Karim Karjian,
Michael Cella, Alan Gayer, David Suratgar, Ahmed Fikree and Bernie Cousineau
as directors of the Company, to hold office until the next annual general
meeting.  The shareholders also approved the re-appointment of
PricewaterhouseCoopers LLP as the Company's auditors.
    Bruce Wrobel, the Chief Executive Officer of the Company updated
shareholders on the progress of the Project. Mr. Wrobel reported that the
board of directors of the Project joint venture met on June 2, 2008. At the
joint venture meeting, the Project development plan was presented by joint
venture management. Approval of the plan will be considered at a future
meeting of the joint venture partners. Mr. Wrobel also reported that the joint
venture partners approved an interim budget for Project development through
August 2008 of $115 million, of which the Company will be responsible for its
one third share. Financial close of Project debt financing is expected at the
end of 2008 or early 2009.
    Management discussed the Company's financing alternatives and Mr. Wrobel
stated the Company was in discussions with respect to a possible sale of the
Company, although no offer has been received nor has a decision been made to
proceed with any transaction.
    
    About Global Alumina
    
    Global Alumina and its joint venture partners are developing a 3.6
million metric tons per annum nominal 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 with operations
in Boke, Guinea and has administrative offices in New York, London, Montreal
and Conakry, Guinea. For further information visit the company's website at
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
and the Project, 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.  In particular, this
release contains forward looking information pertaining to the following: the
achievement of milestones set out in the subscription agreement among Guinea
Alumina Corporation Ltd. ("Guinea Alumina") and its shareholders, the joint
venture partners, (the "Subscription Agreement"); the decisions of the joint
venture with respect to the conduct of the Project; the making of a decision
to proceed with the development of the Project by the joint venture partners;
expectations regarding the debt financing of the Project, the terms, timing
and amount of such financing and the sources of financing; the amount, nature
and timing of capital expenditures to complete the Project; the timing of
refinery construction and mine start up; future production levels;
expectations regarding the negotiation of contractual rights; prices for
alumina and aluminium; operating and other costs; treatment of Guinea Alumina
under the fiscal terms of the "tax exhibit" to the Basic Agreement with the
Government of Guinea (as described in the Company's Annual Information Form,
the "AIF") and the negotiation and terms of agreements relating to the access
of Guinea Alumina to and use of certain infrastructure required for the
development and operation of the Project and business strategies and plans of
management with respect to the Project.  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: the failure or delay in
fulfilling the conditions precedent necessary for the subsequent subscription
payments under the Subscription Agreement to become available to the Company;
the limited control by the Company of the assets and operations of the Project
and its inability to make major decisions with respect to the Project without
agreement from the other joint venture partners; the requirement that the
Company hold 85% of subscription proceeds received pursuant to the
Subscription Agreement in escrow and the possibility the Company may need to
seek additional financing to fund corporate expenses; a delay in finalizing
debt financing for the Project; the amount of such financing being
insufficient to fund the Project to complete development; the inability of the
Company to raise sufficient financing to fund its share of development costs;
the possibility that the Company's interest will be diluted if it is unable to
meet a capital call with respect to the Project; the current political and
economic risks of investing in a developing country; material inaccuracies in
the cost estimates and time estimates for development of the Project; a
decision of the joint venture partners not to proceed with the development of
the Project after the development plan is finalized; construction risks such
as cost overruns, delays and shortages of labour, materials or equipment; the
Company's dependence on an interest in a single asset; the possible forfeiture
of the Mining Concession (as defined in the Company's AIF) in certain
circumstances; operational risks such as access to infrastructure and skilled
labour; currency fluctuations; price volatility of alumina, aluminium or raw
materials; and certain other factors related to the Project discussed under
the heading "Risk Factors" in the Company's AIF.
    The forward looking information contained in this discussion is based on
the following principal assumptions: that the estimates and projections in the
bankable feasibility study of the Project are within the range of accuracy
suggested therein; that the joint venture partners will agree on a final
schedule for development of the Project and will make a decision to proceed
with the Project upon delivery of a final development plan; that issues
relating to the Mining Concession title will be resolved to the satisfaction
of the joint venture partners and Project lenders; that general economic
conditions will not become adverse to the completion of financing for the
Project and will have no material adverse impact on the Project; that the
negotiations with prospective Project lenders and between the prospective
Project lenders and the Guinean government will be successfully concluded by
the end of 2008; that the bidding process for contracted work in connection
with the Project will be completed in a competitive manner and that actual
costs to complete work will be within the range of quotes provided by
contractors to date; that the joint venture will be able to acquire necessary
labour at currently assumed labour costs and productivity rates; that the
Development Plan for the Project is conducted according to schedule; that
general economic factors and trends relating to construction costs remain
constant; and that the future political and economic climate in Guinea has no
material adverse effect on the Project.  Although the forward looking
information contained in this discussion is based upon what management of the
Company believes are reasonable assumptions, Global Alumina 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 other risks or uncertainties materialize, actual results may
vary materially from those anticipated in this release.  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,
except as required by law.




For further information:

For further information: Michael Cella, Global Alumina, +1-212-351-0010,
 cella@globalalumina.com, or Barbara Cano, 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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