May 4, 2010 (FinancialWire) — Global Alumina Corp. (TSX: GLA), a firm 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 $5.2 million for the month of May 2010.  

Under the deal, Global Alumina will be responsible for a one-third share of this amount.  The joint venture board had previously approved cumulative project funding from inception through April 2010 of $644.5 million of which $634.7 million was incurred or prepaid through March 2010 and $622.4 million has been funded to date.

Global Alumina said it has around $54.0 million in cash, $43.6 million of which is in escrow available for project development and $10.4 million of which is unrestricted and available for general corporate purposes.

The company said it also has a $33.3 million subscription receivable due to it 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 Co. and Mubadala Development Co. PJSC.  

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