March 4, 2010 (FinancialWire) — Global Alumina Corp. (TSX: GLA) (OTC: GBAMF), a company participating in a joint venture to develop an alumina refinery, mine and associated infrastructure in the Republic of Guinea, said that the joint venture board of directors approved additional Project funding of $5.9 million for the month of March 2010.

The joint venture board previously approved additional Project funding of $9.3 million for the months of January and February 2010. Global Alumina will be responsible for its one-third share of these amounts. From inception through December 31, 2009, the joint venture board had approved cumulative Project funding of $631.6 million of which $624.5 million was incurred and $599.9 million has been funded to date.

Global Alumina said it has around $57.8 million in cash, $46.1 million of which is in escrow available for Project development and $11.7 million of which is unrestricted and available for general corporate purposes. The company also said it has a $33.3 million subscription receivable due to the company on the completion of the Project debt financing.

Canada-based Global Alumina and its joint venture partners are developing a 3.6 million metric tons per annum steady state capacity alumina refinery located in the bauxite-rich region of the Republic of Guinea. The joint venture partners in the Project are Global Alumina International, Ltd., a wholly owned subsidiary of the company, BHP Billiton, Dubai Aluminium Ltd. and Mubadala Development Co. PJSC.

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