TORONTO, ON – October 7, 2011 – Global Alumina Corporation (TSX: GLA.U) (the "Company" or"Global Alumina"), 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"), announced today that the joint venture board of directors approved additional Project funding of $4.1 million for the period October 1, 2011 through October 31, 2011. Global Alumina will be responsiblefor its one-third share of this amount. The joint venture board had previously approved cumulative Project funding from inception through September 2011 of $768.7 million of which $755.4 million was incurred or prepaid through August 2011 and $748.9 million has been funded to date.
Global Alumina has approximately $28.0 million in cash, $21.1 million of which is in escrow available for Project development and $6.9 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 has offices in New York,London and Montreal. The Company’s registered office is in St. John, New Brunswick.
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