Aug 12 2005
Global Alumina Corporation has announced that it has entered into a subscription agreement with Dubai Aluminium Company Limited, owner and operator of the largest single site aluminium smelter in the western world, whereby Dubal will, subject to regulatory and shareholder approvals, purchase common shares of Global Alumina for an aggregate purchase price of approximately US$200 million. As a strategic equity investor, Dubal will bring its knowledge and experience as a global leader in the aluminium industry in support of the development, financing and construction of Global Alumina's 2.8 million tonne per annum alumina refinery in Boke, Guinea, scheduled to be completed by 2009 ("the Project").
Bruce Wrobel, Chairman and Chief Executive Officer of Global Alumina stated, "It is quite fitting that Dubai Aluminium becomes Global Alumina's first strategic equity partner. Dubal, armed with an intelligent business plan, competitive energy resources and a talented management team, went from a concept to completion of one of the largest and lowest-cost aluminium smelters in the world in a relatively short period of time. We look forward to tapping into that wealth of experience as Global Alumina, similarly armed with an intelligent business plan, competitive bauxite resources and a talented management team transforms our own concept into one of the largest and lowest- cost green-field alumina refineries in the world. Dubal's financial commitment, as well as Dubal's intent to purchase a substantial percentage of our alumina production for a minimum period of 20 years, moves Global Alumina one major step closer to meeting our financial and commercial objectives for this year."
http://www.globalalumina.com/