September 13, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Global Alumina Corp. (TSX: GLA.U), a corporation participating in a joint venture to develop an alumina refinery in the Republic of Guinea, said that the joint venture’s board of directors approved additional project funding of $12.8 million for the period October 1, 2010 through December 31, 2010.

According to Global Alumina, the joint venture board also approved launch of construction of a new jetty and berth at the Kamsar container terminal. Global Alumina said it will be responsible for its one-third share of this amount.

The joint venture board had previously approved cumulative project funding from inception through September 2010 of $659.6 million of which $644.9 million was incurred or prepaid through June 2010 and $634.4 million has been funded to date.

Global Alumina said it has around $49.5 million in cash, $39.6 million of which is in escrow available for Project development and $9.9 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 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 Company Ltd. and Mubadala Development Co PJSC.

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