TORONTO, Nov. 9, 2010 /PRNewswire/ -- 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 its financial and operating results for the three and nine month periods ended September 30, 2010. All dollar amounts are in U.S. dollars.
Third Quarter 2010 Financial Highlights
In the first nine months of 2010 the joint venture partners contributed capital of $40.5 million towards the approved Project budget with the Company contributing its $13.5 million one-third share.
At September 30, 2010, Guinea Alumina Corporation, Ltd. （the joint venture company） had capitalized into construction in progress approximately $608.0 million, of which approximately $8.9 million relates to the third quarter 2010.
As at September 30, 2010, the Company had unrestricted cash of $9.9 million and escrowed cash totalling $37.6 million in its escrow account to fund future Project capital calls.
For the three and nine months ended September 30, 2010, respectively, the Company reported a net loss of $1,680,823 （$0.01 per share） and $4,531,940 （$0.02 per share）, compared to a net loss of $1,113,069 （$0.01 per share） and $4,728,896 （$0.02 per share） for the same periods in 2009.
Interest income for the quarter was $30,022 versus $135,145 in the third quarter of 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.
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