Global Alumina announces joint venture negotiation progress

    TORONTO, March 19 /CNW/ - Global Alumina Corporation (the "Company")
(TSX: GLA.U) today announced that its board of directors will meet within this
week to approve the establishment of a joint venture among an affiliate of BHP
Billiton, Dubai Aluminium Company Limited ("DUBAL"), Mubadala Development
Company PJSC ("Mubadala") and the Company to develop and operate the Company's
alumina refinery project in the Republic of Guinea. Signing of the joint
venture agreements would follow board approval.
    The joint venture partners, who are also lenders under the US$100 million
Loan Facility Agreement, have agreed to extend from March 17, 2007 to March
24, 2007 the date within which to execute the joint venture agreements. To
date, the Company has drawn down an aggregate of US$48,699,681 under the Loan
Facility Agreement. Availability under the Loan Facility Agreement is limited
to US$50 million until the joint venture agreements are signed.
    The execution of the Loan Facility Agreement and the agreement to
negotiate the proposed joint venture were announced on November 5, 2006.
Extensions to the date by which the parties would conclude negotiations and
execute the joint venture agreements under the Loan Facility Agreement were
announced on November 30, 2006, December 29, 2006, January 12, 2007, February
16, 2007, March 5, 2007 and March 12, 2007. A copy of the Loan Facility
Agreement is available on the Company's reference page at
    BHP Billiton is world's largest diversified resources company and the
world's sixth largest producer of primary aluminum, with a total operating
capacity in excess of one million tonnes of aluminum, approximately 14 million
tonnes of bauxite and four million tonnes of alumina per annum.
    DUBAL is the owner of one of the largest single site aluminum smelters in
the western world. DUBAL, which is wholly owned by the Dubai government,
produces and exports primary aluminum products to more than 40 countries
world-wide. DUBAL is also party to a subscription agreement with the Company
dated August 10, 2005, a copy of which is available on the Company's reference
page at

    Mubadala Development Company is a principal investment company wholly
owned by the Government of Abu Dhabi, with a mandate to establish new
businesses and acquire (wholly or partly) existing businesses either in the
UAE or abroad. Mubadala invests in a wide range of strategic sectors including
energy, utilities, health, real estate, public-private partnerships, basic
industries and services. The company's goal is to diversify and further
develop the rapidly growing economy of Abu Dhabi, while achieving solid
returns on commercially viable investments.

    About Global Alumina:

    Global Alumina Corporation is a company that intends to use the vast
bauxite resources of Guinea to produce alumina for sale to the global aluminum
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
our website at

    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 parties to reach agreement in the joint venture
negotiations or to obtain corporate approvals of the final terms of the joint
venture; 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: Media: Michael Cella, Global
Alumina, P: (212) 351-0010,; Elynn Wareham, GCI Group,
P: (416) 486-5910,

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Global Alumina Corporation

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