Market 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 $4.3 million for the period November 1, 2011 through November 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 October 2011 of $772.8 million of which $761.4 million was incurred or prepaid through September 2011 and $748.9 million has been funded to date.
Global Alumina has approximately $27.8 million in cash, $21.1 million of which is in escrow available for Project development and $6.7 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 $27.8 million in cash, $21.1 million of which is in escrow available for Project development and $6.7 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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