20 MAY 2011www.worldal.com
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 that the joint venture board of directors approved additional Project funding of $7.8 million for the period June 1, 2011 through June 30, 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 May 2011 of $753.3 million of which $734.3 million was incurred or prepaid through April 2011 and $729.9 million has been funded to date.
Global Alumina has approximately $36.0 million in cash, $28.1 million of which is in escrow available for Project development and $7.9 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.
Global Alumina has approximately $36.0 million in cash, $28.1 million of which is in escrow available for Project development and $7.9 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.
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