Global Alumina Corp has reported that the joint venture board of directors has approved an additional funding of $5.3m for a alumina refinery project for the period 1 January 2011 through 31 January 2011.
Global Alumina is participating in the joint venture to develop an alumina refinery, mine and associated infrastructure in the bauxite-rich region of the Republic of Guinea.
The company said that it will be responsible for its one-third share of this amount.
The joint venture board had earlier approved cumulative project funding from inception through December 2010 of $728.8m of which $717.6m was incurred or prepaid through November 2010 and $710.4 million has been funded to date.
The company has approximately $43.7m in cash, $34.6m of which is in escrow available for project development and $9.1m of which is unrestricted and available for general corporate purposes.
Global Alumina also has a $33.3m subscription receivable due to the company on the completion of the project debt financing.
The joint venture partners in the project are Global Alumina International, BHP Billiton, Dubai Aluminium Company and Mubadala Development Company PJSC.