11 JULY 2011http://www.canadianbusiness.com/
Global Alumina joint venture mine project receives $4 million additional funding
Edited by : AL CIRCLE
1 min read
Global Alumina Corp. (TSX: GLA.U) says a joint venture board of directors has approved an additional $4 million in funding to develop an alumina refinery, mine and infrastructure in Republic of Guinea.
The miner will pay one-third or $1.3 million as part of its stake in the project.
The joint venture board had earlier approved project funding of $760.8 million, of which $735.9 million has been funded.
Global Alumina has approximately $33.6 million in cash.
Global Alumina is in a joint venture through its wholly owned subsidiary, Global Alumina International, Ltd., with BHP Billiton, Dubai Aluminium Company Ltd and Mubadala Development Company.
The companies plan to develop an alumina refinery in the bauxite-rich region of the Republic of Guinea.
The miner will pay one-third or $1.3 million as part of its stake in the project.
The joint venture board had earlier approved project funding of $760.8 million, of which $735.9 million has been funded.
Global Alumina has approximately $33.6 million in cash.
Global Alumina is in a joint venture through its wholly owned subsidiary, Global Alumina International, Ltd., with BHP Billiton, Dubai Aluminium Company Ltd and Mubadala Development Company.
The companies plan to develop an alumina refinery in the bauxite-rich region of the Republic of Guinea.
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