02 SEPTEMBER 2011Market Watch
Global Alumina Announces Joint Venture Budget Approval
Edited by : AL CIRCLE
1 min read
Global Alumina Corporation (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 $4.4 million for the period September 1, 2011 through September 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 August 2011 of $764.3 million of which $751.8 million was incurred or prepaid through July 2011 and $747.9 million has been funded to date.
Global Alumina has approximately $29.2 million in cash, $22.1 million of which is in escrow available for Project development and $7.1 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 $29.2 million in cash, $22.1 million of which is in escrow available for Project development and $7.1 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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