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Global Alumina Releases Second Quarter 2012 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 today its financial and operating results for the three and six month periods ended June 30, 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.
Second Quarter 2012 Financial Highlights
• In the first six months of 2012 the joint venture partners contributed capital of $33.0 million towards the approved Project budget with the Company contributing its $11.0 million one-third share.
• At June 30, 2012, Guinea Alumina Corporation, Ltd. (the joint venture company) had capitalized into construction in progress approximately $719.9 million, of which approximately $8.8 million relates to the second quarter of 2012. • As of June 30, 2012, the Company had unrestricted cash of $4.1 million and escrowed cash totalling $5.7 million in its escrow account to fund future Project capital calls.
• During the second quarter, Guinea Alumina Corporation's board of directors approved additional project funding of $5.4 million through August 2012. Global Alumina will be responsible for its one-third share.
• For the three and six months ended June 30, 2012, respectively, the Company reported a net loss of $4,803,496 million ($0.03 per share) and $6,300,932 ($0.03 per share), compared to a net loss of $5,587,619 ($0.03 per share) and $14,965,783 ($0.08 per share) for the same periods 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 October 2012, and unrestricted funds will be sufficient to enable it to meet its corporate operating expense requirements through August 2013. The Company currently is considering whether or not to raise additional capital. If the Company is unwilling or unable to raise additional capital it does not expect to provide further funding to the Project after October 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.
Second Quarter 2012 Financial Highlights
• In the first six months of 2012 the joint venture partners contributed capital of $33.0 million towards the approved Project budget with the Company contributing its $11.0 million one-third share.
• At June 30, 2012, Guinea Alumina Corporation, Ltd. (the joint venture company) had capitalized into construction in progress approximately $719.9 million, of which approximately $8.8 million relates to the second quarter of 2012. • As of June 30, 2012, the Company had unrestricted cash of $4.1 million and escrowed cash totalling $5.7 million in its escrow account to fund future Project capital calls.
• During the second quarter, Guinea Alumina Corporation's board of directors approved additional project funding of $5.4 million through August 2012. Global Alumina will be responsible for its one-third share.
• For the three and six months ended June 30, 2012, respectively, the Company reported a net loss of $4,803,496 million ($0.03 per share) and $6,300,932 ($0.03 per share), compared to a net loss of $5,587,619 ($0.03 per share) and $14,965,783 ($0.08 per share) for the same periods 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 October 2012, and unrestricted funds will be sufficient to enable it to meet its corporate operating expense requirements through August 2013. The Company currently is considering whether or not to raise additional capital. If the Company is unwilling or unable to raise additional capital it does not expect to provide further funding to the Project after October 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.
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