TORONTO, Jan 12 - Canada's Global Alumina Corp. and its lenders have agreed to extend the deadline to negotiate the terms of its alumina joint venture in Guinea by about a month to Feb. 15 from Friday.
The company, based in New Brunswick, said on Friday that negotiations with its joint venture participants are at an advanced stage and it expects they will be finalized by the end of January.
BHP Billiton Ltd. , government-owned Dubai Aluminium Co. and Abu Dhabi government-owned Mubadala Development Co., are providing $100 million in a loan facility agreement.
If the joint venture negotiations fail, Global will repay the loan. To date, $38 million has been drawn down.
Shares of Global fell as low as C$1.07 before rebounding a bit to C$1.15 by late afternoon on the Toronto Stock Exchange, for a loss of 2 Canadian cents or 1.7 percent.
Dubai Aluminium and Mubadala's boards are required to to approve the final terms of the joint venture in the West African country at meetings expected in mid-February.
Calls to Global were not immediately returned.
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