Global Alumina Corporation （TSX: GLA.U） （the "Company" or "Global Alumina"）announced that the joint venture board of directors approved additional Project funding of $8.5 million for the period March 1, 2011 through March 31, 2011.
Global Alumina Corporation is 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）。
Global Alumina will be responsible for its one-third share of this amount. The joint venture board had previously approved cumulative Project funding from inception through February 2011 of $732.3 million of which $712.4 million was incurred or prepaid through December 2010 and $716.4 million has been funded to date.
Global Alumina has approximately $41.1 million in cash, $32.6 million of which is in escrow available for Project development and $8.5 million of which is unrestricted and available for general corporate purposes. The Company also has a $33.3 million subscription receivable due to the Company on the completion of the Project debt financing.
About Global Alumina
Global Alumina is in a joint venture through its wholly owned subsidiary, Global Alumina International, Ltd., with BHP Billiton, Dubai Aluminium Company Limited and Mubadala Development Company PJSC, to develop a 3.6 million metric tons per annum steady state capacity alumina refinery in the bauxite-rich region of the Republic of Guinea. Global Alumina is headquartered in Saint John, New Brunswick and has administrative offices in New York, London and Montreal.
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