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 $4.6 million for the period December 1, 2011 through December 31 , 2011. 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 November 2011 of $777.1 million of which $769.2 million was incurred or prepaid through October 2011 and $762.4 million has been funded to date.
Global Alumina has approximately $22.8 million in cash, $16.6 million of which is in escrow available for Project development and $6.2 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.