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Global Alumina Releases Third Quarter 2011 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 nine month periods ended September 30, 2011. 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.
Third Quarter 2011 Financial Highlights -- In the first nine months of 2011, the joint venture partners contributed capital of $40.5 million towards the approved Project budget with the Company contributing its $13.5 million one-third share. -- At September 30, 2011, Guinea Alumina Corporation, Ltd. (the joint venture company) had capitalized into construction in progress approximately $682.1 million, of which approximately $14.3 million relates to the third quarter 2011. -- As at September 30, 2011, the Company had unrestricted cash of $7.0 million and $21.2 million in its escrow account to fund future Project capital calls. -- For the three and nine months ended September 30, 2011, respectively, the Company reported a net loss of $1,144,090 ($0.01 per share) and $3,343,206 ($0.02 per share), compared to a net loss of $1,029,567 ($0.01 per share) and $2,930,823 ($0.02 per share) for the same periods in 2010. -- Interest income for the quarter was $19,579 versus $30,022 in the third quarter of 2010.
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 December 2012, and unrestricted funds will be sufficient to enable it to meet its corporate operating expense requirements through June 2013.
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 a 3.6 million metric tons per annum steady state capacity 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.
Third Quarter 2011 Financial Highlights -- In the first nine months of 2011, the joint venture partners contributed capital of $40.5 million towards the approved Project budget with the Company contributing its $13.5 million one-third share. -- At September 30, 2011, Guinea Alumina Corporation, Ltd. (the joint venture company) had capitalized into construction in progress approximately $682.1 million, of which approximately $14.3 million relates to the third quarter 2011. -- As at September 30, 2011, the Company had unrestricted cash of $7.0 million and $21.2 million in its escrow account to fund future Project capital calls. -- For the three and nine months ended September 30, 2011, respectively, the Company reported a net loss of $1,144,090 ($0.01 per share) and $3,343,206 ($0.02 per share), compared to a net loss of $1,029,567 ($0.01 per share) and $2,930,823 ($0.02 per share) for the same periods in 2010. -- Interest income for the quarter was $19,579 versus $30,022 in the third quarter of 2010.
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 December 2012, and unrestricted funds will be sufficient to enable it to meet its corporate operating expense requirements through June 2013.
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 a 3.6 million metric tons per annum steady state capacity 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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