TORONTO, March 3 /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 the joint venture board of directors approved additional Project funding of $5.9 million for the month of March 2010. The joint venture board previously approved additional Project funding of $9.3 million for the months of January and February 2010. Global Alumina will be responsible for its one-third share of these amounts. From inception through December 31, 2009, the joint venture board had approved cumulative Project funding of $631.6 million of which $624.5 million was incurred and $599.9 million has been funded to date.
Global Alumina has approximately $57.8 million in cash, $46.1 million of which is in escrow available for Project development and $11.7 million of which is unrestricted and available for general corporate purposes. The Company also has a $33.3 million subscription receivable due to the Company on the completion of the Project debt financing.
