Global Alumina reports Q1 net loss of US$1.4 million

TORONTO — Global Alumina Corp. (TSX:GLA.U) said Friday it saw a first-quarter net loss of US$1.4 million or one cent per share compared to a loss of $1.5 million or one cent per share a year earlier. The company, based in Saint John, N.B., and participating in a joint venture to develop an alumina refinery and mine in Guinea, said it contributed a total of $20 million to fund its one-third share of the project's construction and development costs in the quarter. Global Alumina said it expects its funds on hand "will be sufficient to enable it to meet its corporate operating expense requirements through 2012 and to fund its one-third share of project development cash calls at least through to finalization of debt financing for the project." The company's wholly owned subsidiary, Global Alumina International Ltd., is developing the project with BHP Billiton, Dubai Aluminum Co. Ltd. and Mubadala Development Co. PJSC. Alumina is a powder derived from the bauxite mineral which is used to smelt aluminum, a light-weight industrial metal used in packaging, the auto and aircraft industries, construction and other sectors. Shares of Global Alumina jumped 6.5 cents or 17 per cent to 44.5 cents in Friday trading on the Toronto Stock Exchange.