World Aluminium Market
Global Alumina Releases First Quarter Results
Edited by : AL CIRCLE
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Global Alumina Corporation, a organization 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 its financial and operating results for the three month period ended March 31, 2012. The text of the quarterly unaudited financial statements and management's discussion and analysis can be viewed or printed from the Company's SEDAR reference page at www.sedar.com. All dollar amounts are in U.S. dollars.
First Quarter 2012 Financial Highlights
In the first three months of 2012 the joint venture partners contributed capital of $21.0 million towards the approved Project budget with the Company contributing its $7.0 million one-third share.
At March 31, 2012, Guinea Alumina had capitalized into construction in progress approximately $711.1 million, of which approximately $11.6 million relates to the first quarter 2012.
As of March 31, 2012, the Company had unrestricted cash of $5.1 million and escrowed cash totalling $9.7 million in its escrow account to fund future Project capital calls.
During the first quarter, Guinea Alumina Corporation's board of directors approved additional project funding of $9.0 million for the second quarter. Global Alumina will be responsible for its one-third share.
For the three months ended March 31, 2012 the Company reported a net loss of $1,497,436 million ($0.01 per share), compared to a net loss of $9,378,164 ($0.05 per share) for the same period in 2011.
At usage rates that the Company currently expects in 2012, funds in escrow will be sufficient to meet its one-third share of Project equity requirements through September 2012, and unrestricted funds will be sufficient to enable it to meet its corporate operating expense requirements through September 2013. The Company does not currently expect to raise additional financing and does not expect to provide further equity funding to the Project after September 2012.
The Project joint venture partners have been unable to agree on the timing of development of the Project. Currently the joint venture partners are discussing options regarding restructuring ownership in the Project.
About Global Alumina
Global Alumina is in a joint venture through its wholly owned subsidiary, Global Alumina International, Ltd., with BHP Billiton, Dubai Aluminium Company Limited and Mubadala Development Company PJSC, to develop an alumina refinery in the bauxite-rich region of the Republic of Guinea. Global Alumina is headquartered in Saint John, New Brunswick and has administrative offices in New York, London and Montreal.
First Quarter 2012 Financial Highlights
In the first three months of 2012 the joint venture partners contributed capital of $21.0 million towards the approved Project budget with the Company contributing its $7.0 million one-third share.
At March 31, 2012, Guinea Alumina had capitalized into construction in progress approximately $711.1 million, of which approximately $11.6 million relates to the first quarter 2012.
As of March 31, 2012, the Company had unrestricted cash of $5.1 million and escrowed cash totalling $9.7 million in its escrow account to fund future Project capital calls.
During the first quarter, Guinea Alumina Corporation's board of directors approved additional project funding of $9.0 million for the second quarter. Global Alumina will be responsible for its one-third share.
For the three months ended March 31, 2012 the Company reported a net loss of $1,497,436 million ($0.01 per share), compared to a net loss of $9,378,164 ($0.05 per share) for the same period in 2011.
At usage rates that the Company currently expects in 2012, funds in escrow will be sufficient to meet its one-third share of Project equity requirements through September 2012, and unrestricted funds will be sufficient to enable it to meet its corporate operating expense requirements through September 2013. The Company does not currently expect to raise additional financing and does not expect to provide further equity funding to the Project after September 2012.
The Project joint venture partners have been unable to agree on the timing of development of the Project. Currently the joint venture partners are discussing options regarding restructuring ownership in the Project.
About Global Alumina
Global Alumina is in a joint venture through its wholly owned subsidiary, Global Alumina International, Ltd., with BHP Billiton, Dubai Aluminium Company Limited and Mubadala Development Company PJSC, to develop an alumina refinery in the bauxite-rich region of the Republic of Guinea. Global Alumina is headquartered in Saint John, New Brunswick and has administrative offices in New York, London and Montreal.
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