Global Alumina Corporation （"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 that the Company's board of directors has approved its financial results for the year ended December 31, 2010.
2010 Financial Highlights
In 2010 the joint venture partners contributed capital of $49.5 million towards the approved Project budget with the Company contributing its $16.5 million one-third share.
As at December 31, 2010, the Company had unrestricted cash of $9.2 million and escrowed cash totalling $34.6 million in its escrow account to fund future Project capital calls.
For the year ended December 31, 2010 the Company reported a net loss of $6.4 million （$0.03 per share）, compared to a net loss of $8.4 million （$0.04 per share） for the same period in 2009.
Interest income for 2010 was $0.1 million versus $0.7 million in 2009.
At current usage rates, Global Alumina expects that the funds in escrow will be sufficient to meet its one-third share of Project equity requirements and unrestricted funds will be sufficient to enable it to meet its corporate operating expense requirements, in each case, through June 2012.
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 is headquartered in Saint John, New Brunswick and has administrative offices in New York, London and Montreal.
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