Joint Venture Partners Agree to Make Deferred Subscription Payment



    TORONTO, Oct. 14 /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 agreed to pay Global Alumina the First
Deferred Subscription Price of approximately $42.2 million within seven days
of October 11, 2008.  The payment will be made into Global Alumina's escrow
account used to fund its share of Project expenditures and any obligations
under warranty claims.  In addition, the joint venture board met on October
11, 2008 and approved continued Project funding through November 2008 of
approximately $65 million, of which Global Alumina will be responsible for its
one-third share.
    

    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, cella@globalalumina.com; Barbara Cano, +1-646-452-2334,
bcano@breakstone-group.com, of Breakstone Group for Global Alumina Web Site:
http://www.globalalumina.com

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Global Alumina Corporation

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