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Global Alumina Announces Progress Update to its Agreement to Purchase Additional Interest in Project

Global Alumina Announces Progress Update to its Agreement to Purchase 
Additional Interest in Project 
TORONTO, Dec. 4, 2012 /CNW/ - 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 today 
that Dubai Aluminium Company Limited ("DUBAL") and MCD Industry Holding 
Company LLC ("Mubadala") have waived their pre-emptive rights to purchase 
their pro rata share of Broken Hill Proprietary Company Limited's ("BHP 
Billiton") interests in the Project.  Therefore, under the terms of the 
previously announced sale and purchase agreement ("SPA") with BHP Billiton, 
and subject to certain conditions stipulated therein, Global Alumina will 
acquire all of BHP Billiton's one-third interest in the Project, increasing 
Global Alumina's ownership interests in the Project from its current level of 
33.3% to 66.7%. 
There can be no assurances that the Company's previously announced efforts to 
raise capital will be successful, and that the acquisition of BHP Billiton's 
interests will be completed. 
About Global Alumina 
Global Alumina is in a joint venture through its wholly owned subsidiary, 
Global Alumina International, Ltd., with BHP Billiton, DUBAL and Mubadala, to 
develop an alumina refinery in the bauxite-rich region of the Republic of 
Guinea.  Global Alumina is headquartered in Saint John, New Brunswick and has 
administrative offices in New York, London and Montreal.  For further 
information visit the Company's website at www.globalalumina.com. 
Forward Looking Information 
Certain information in this press release is "forward looking information", 
which reflects management's expectations regarding the Company's future 
growth, results of operations, performance and business prospects and 
opportunities. In this release, the words "may", "would", "could", "should", 
"will", "intend", "plan", "anticipate", "believe", "seek", "propose", 
"estimate" and "expect" and similar expressions, as they relate to the Company 
and its assets and interests, are often, but not always, used to identify 
forward looking information. Such forward looking information reflects 
management's current beliefs and is based on information currently available 
to management. Forward looking information involves significant risks and 
uncertainties, should not be read as a guarantee of future performance or 
results, and will not necessarily be accurate indications of whether or not or 
the times at, or by which, such performance or results will be achieved. In 
particular, this release contains forward looking information pertaining to 
the following: the decision to purchase additional interests in the Project 
and negotiations regarding such a purchase; the adequacy of the Company's cash 
resources and its ability to continue to fund the Project or any additional 
purchase of interests in the Project; expectations regarding the financing of 
the Project.  A number of factors could cause actual results to differ 
materially from the results discussed in the forward looking information, 
including, but not limited to: the inability of the Company to fund a purchase 
of additional interests in the Projects; ongoing political events in Guinea 
and the decision of the Government of Guinea not to approve a transfer of 
Project interests; the current political and economic risks of investing in a 
developing country; a decision by the joint venture partners not to proceed 
with the Project; unanticipated liabilities of Global Alumina at the corporate 
level and the inability of the Company to obtain additional financing to fund 
corporate expenses; the accuracy of the assumptions used to determine the fair 
value of the Project; the possibility that the value of the Company's assets 
could deteriorate; the limited control by the Company of the assets and 
operations of the Project and its inability to make major decisions with 
respect to the Project without agreement from the other joint venture 
partners; the inability of the Company to raise additional financing to fund 
the Project to complete development; the inability of the Company to raise 
sufficient financing to fund its share of the development costs of the 
Project; the Company's dependence on an interest in a single asset; the 
possible forfeiture of the 690 square kilometre mining concession area near 
Sangaredi in certain circumstances and certain other factors related to the 
Project and the factors related to the business of the Company discussed under 
the heading "Risk Factors" in the Company's Annual Information Form. 
The forward looking information contained in this release is based on the 
following principal assumptions: that market conditions will not be materially 
adverse to the Company raising additional capital prior to the completion of 
any financing and the Project will remain a viable asset.  Although the 
forward looking information contained in this release is based upon what 
management of the Company believes are reasonable assumptions, Global Alumina 
cannot assure investors that actual results will be consistent with this 
forward looking information.  If the assumptions underlying forward looking 
information prove incorrect or if other risks or uncertainties materialize, 
actual results may vary materially from those anticipated in this release.  
This forward looking information is made as of the date of this release, and 
Global Alumina assumes no obligation to update or revise it to reflect new 
events or circumstances, except as required by applicable law. 
For further information, please contact: 
Michael Cella                                                                                         Susan Borinelli
Global Alumina                                                                                        Breakstone Group
212 351 0010                                                                                          646 330 5907
cella@globalalumina.com sborinelli@breakstone-group.com 
http://www.globalalumina.com 
SOURCE: Global Alumina Corporation 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/December2012/04/c5910.html 
CO: Global Alumina Corporation
ST: Ontario
NI: MNG  
-0- Dec/04/2012 13:21 GMT
 
 
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