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Global Alumina releases its 2012 year-end results
Edited by : AL CIRCLE
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Global Alumina Corporation, 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 its financial and operating results for the year ended December 31, 2012.
For the year ended December 31, 2012, the Company reported a net loss of approximately $104.6 million ($0.57 per share), including a $135.7 million non-cash impairment charge and $53.8 million net gain on derivative instruments, compared to a net loss of approximately $130.6 million ($0.71 per share), including a $95.5 million non-cash impairment charge and a $44.4 million net loss on derivative instruments, for the same period in 2011.
On December 31, 2012, the Company had working capital of about $1.3 million versus $22.9 million (including restricted cash). In 2012, the joint venture partners contributed capital of $50.7 million towards the approved Project budget with the Company contributing its $16.9 million one-third share. Subsequent to year-end, the joint venture partners contributed an additional $2.1 million towards the Project, with Global Alumina contributing its $0.7 million one-third share.
As of December 31, 2012, the Company had unrestricted cash of $2.1 million (2011 – $6.0 million) and $nil escrowed cash (2011 – $16.7 million). As of December 31, 2012, the Company had an accumulated deficit of $220.5 million (2011 – $116.8 million).
The audited annual consolidated financial statements of the Company for the year ended December 31, 2012 have been prepared on a going concern basis. However, the Company's liquidity position has deteriorated significantly and the Company's ability to continue as a going concern is dependent on management's ability to secure an injection of financing to fund its near-term capital commitments and ongoing operating requirements. These conditions raise substantial doubt about the Company's ability to continue as a going concern.
For the year ended December 31, 2012, the Company reported a net loss of approximately $104.6 million ($0.57 per share), including a $135.7 million non-cash impairment charge and $53.8 million net gain on derivative instruments, compared to a net loss of approximately $130.6 million ($0.71 per share), including a $95.5 million non-cash impairment charge and a $44.4 million net loss on derivative instruments, for the same period in 2011.
On December 31, 2012, the Company had working capital of about $1.3 million versus $22.9 million (including restricted cash). In 2012, the joint venture partners contributed capital of $50.7 million towards the approved Project budget with the Company contributing its $16.9 million one-third share. Subsequent to year-end, the joint venture partners contributed an additional $2.1 million towards the Project, with Global Alumina contributing its $0.7 million one-third share.
As of December 31, 2012, the Company had unrestricted cash of $2.1 million (2011 – $6.0 million) and $nil escrowed cash (2011 – $16.7 million). As of December 31, 2012, the Company had an accumulated deficit of $220.5 million (2011 – $116.8 million).
The audited annual consolidated financial statements of the Company for the year ended December 31, 2012 have been prepared on a going concern basis. However, the Company's liquidity position has deteriorated significantly and the Company's ability to continue as a going concern is dependent on management's ability to secure an injection of financing to fund its near-term capital commitments and ongoing operating requirements. These conditions raise substantial doubt about the Company's ability to continue as a going concern.
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