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Global Alumina Announces Joint Venture Budget Approval
Edited by : AL CIRCLE
1 min read
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 $5.4 million for the period February 1, 2012 through February 29, 2012. 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 January 2012 of $786.3 million of which $782.0 million was incurred or prepaid through December 2011 and $773.4 million has been funded to date.
Global Alumina has approximately $19.2 million in cash, $13.6 million of which is in escrow available for Project development and $5.6 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.
Global Alumina has approximately $19.2 million in cash, $13.6 million of which is in escrow available for Project development and $5.6 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.
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