Global Alumina Corporation, a corporation participating in a joint venture to develop an alumina ref…

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 that the joint venture board of directors approved additional Project funding of $5.3 million for the period January 1, 2011 through January 31, 2011.

Global Alumina will be responsible for its one-third share of this amount.  The joint venture board had previously approved cumulative Project funding from inception through December 2010 of $728.8 million of which $717.6 million was incurred or prepaid through November 2010 and $710.4 million has been funded to date.

Global Alumina has approximately $43.7 million in cash, $34.6 million of which is in escrow available for Project development and $9.1 million of which is unrestricted and available for general corporate purposes.  The Company also has a $33.3 million subscription receivable due to the Company on the completion of the Project debt financing.

This article was originally posted on Sustainable Development Africa Platform

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