After protracted talks and several deferred deadlines Global Alumina Corporation has finally announced agreement on the formation of a joint venture company to construct a greenfield alumina refinery in the West African country of Guinea.
A two-thirds interest will be sold to BHP Billiton, Dubai Aluminium and Gulf investment house Mubadala Development Company for $260m.
The investment will be structured in four parts with the first instalment dependent on a number of conditions, primarily the consent of the government of Guinea. The following instalments will be paid on confirmation of the transfer of the mining concession, completion of a bankable feasibility study and receipt of binding debt financing.
The deal has come in the nick of time for the Canadian-listed company. It noted that as of Mar 26, its board of directors "determined that the company is in serious financial difficulty."
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