TORONTO, Nov. 30 -- Global Alumina Corporation today announced that the Company and the lenders under the previously announced US$100 million Loan Facility Agreement have agreed to extend from November 30, 2006 to December 31, 2006 the deadline for the negotiation of the terms of a joint venture to develop and operate the Company's alumina refinery project in the Republic of Guinea. The lenders under the Loan Facility Agreement are an affiliate of BHP Billiton, Dubai Aluminium Company Limited and Mubadala Development Company PJSC. The potential joint venture participants are a separate affiliate of BHP Billiton, DUBAL and Mubadala.
The Company anticipates that a formal amending agreement will be entered into within the next week.
To date, the Company has drawn down an aggregate of US$20,000,000 under the Loan Facility Agreement.
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