China Aluminium Network
Global Alumina Higher as Company, Partners Fund October Budget for Guinea Project
Edited by : AL CIRCLE
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Global Alumina Corp (GLA-U.TO) is 2 cents higher in light volume at 91 cents a share after directors in charge of the company's joint venture developing an alumina refinery, mine and associated infrastructure in the Republic of Guinea approved $4.1 million in additional project funding for the month of October.
Global Alumina share of the added spending will be about $1.36 million. Overall, the company and its project partners -- BHP Billiton, Dubai Aluminium Company Ltd and Mubadala Development Co. PJSC, the sovereign wealth fund of Abu Dhabi -- have budgeted $768.7 million through the end of August to develop a 3.6 million metric ton per year facility.
Global Alumina previously has said it currently has sufficient funds to meet its one-third share of project equity requirements and its corporate operating expenses through April 2012.
Global Alumina share of the added spending will be about $1.36 million. Overall, the company and its project partners -- BHP Billiton, Dubai Aluminium Company Ltd and Mubadala Development Co. PJSC, the sovereign wealth fund of Abu Dhabi -- have budgeted $768.7 million through the end of August to develop a 3.6 million metric ton per year facility.
Global Alumina previously has said it currently has sufficient funds to meet its one-third share of project equity requirements and its corporate operating expenses through April 2012.
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