TORONTO, March 19 - Global Alumina Corporation today announced that its board of directors will meet within this week to approve the establishment of a joint venture among an affiliate of BHP Billiton, Dubai Aluminium Company Limited ("DUBAL"), Mubadala Development Company PJSC ("Mubadala") and the Company to develop and operate the Company's alumina refinery project in the Republic of Guinea. Signing of the joint venture agreements would follow board approval.
The joint venture partners, who are also lenders under the US$100 million Loan Facility Agreement, have agreed to extend from March 17, 2007 to March 24, 2007 the date within which to execute the joint venture agreements. To date, the Company has drawn down an aggregate of US$48,699,681 under the Loan Facility Agreement. Availability under the Loan Facility Agreement is limited to US$50 million until the joint venture agreements are signed.
The execution of the Loan Facility Agreement and the agreement to negotiate the proposed joint venture were announced on November 5, 2006. Extensions to the date by which the parties would conclude negotiations and execute the joint venture agreements under the Loan Facility Agreement were announced on November 30, 2006, December 29, 2006, January 12, 2007, February 16, 2007, March 5, 2007 and March 12, 2007.
豫公网安备41010502003434号