October 14, 2008
Joint Venture Partners Agree to Make Deferred Subscription Payment
TORONTO, Oct. 14 /PRNewswire-FirstCall/ -- Global Alumina Corporation (TSX: GLA.U) (the "Company" or "Global Alumina"), 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 its joint venture partners have agreed to pay Global Alumina the First Deferred Subscription Price of approximately $42.2 million within seven days of October 11, 2008. The payment will be made into Global Alumina's escrow account used to fund its share of Project expenditures and any obligations under warranty claims. In addition, the joint venture board met on October 11, 2008 and approved continued Project funding through November 2008 of approximately $65 million, of which Global Alumina will be responsible for its one-third share.
About Global Alumina
Global Alumina Corporation
Web Site: http://www.globalalumina.com/