Mar 6 2007
Global Alumina Corporation has announced that the Company has been informed that the proposed joint venture with an affiliate of BHP Billiton, Dubai Aluminium Company Limited ("DUBAL") and Mubadala Development Company PJSC ("Mubadala") to develop and operate the Company's alumina refinery project in the Republic of Guinea has received board approvals from two joint venture partners, subject to resolution of outstanding issues. The parties are currently working to resolve final outstanding issues and are awaiting management approval from one other joint venture partner.
The joint venture partners, who are also lenders under the US$100 million Loan Facility Agreement, have agreed to extend from March 3, 2007 to March 10, 2007 the date within which to execute the joint venture agreements in order to facilitate finalization. To date, the Company has drawn down an aggregate of US$48,348,702 under the Loan Facility Agreement. The execution of the Loan Facility Agreement and the agreement to negotiate the proposed joint venture were announced on November 5, 2006. Extensions to the date by which the parties would conclude negotiations and execute the joint venture agreements under the Loan Facility Agreement were announced on November 30, 2006, December 29, 2006, January 12, 2007 and February 16, 2007.
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