TORONTO, May 15, 2013 /CNW/ - Global Alumina Corporation (TSX: GLA.U) (the
"Company" or "Global Alumina") announced today its financial and operating
results for the three month period ended March 31, 2013. The text of the
quarterly unaudited financial statements and management's discussion and
analysis can be viewed or printed from the Company's SEDAR reference page at
www.sedar.com. All dollar amounts are in U.S. dollars.
First Quarter 2013 Financial Highlights
-- For the three months ended March 31, 2013, the Company reported
a net loss of $2,958,989 ($0.02 per share) compared to a net
loss of $1,497,436 ($0.01 per share) for the same period in
-- As of March 31, 2013, the Company had cash of $0.67 million,
and a working capital deficit of $1.59 million.
On May 15, 2013, the Company announced that it entered into a share purchase
agreement ("SPA") with DM GAV Limited, a company established and equally owned
by Mubadala Development Company PJSC and Dubai Aluminium, to sell all of
Global Alumina's interests in Guinea Alumina Corporation Limited ("Guinea
Alumina") to DM GAV. Pursuant to the SPA, DM GAV will make a US$2 million
advance payment to Global Alumina on signing of the SPA and will pay an
additional US$36 million upon completion of the transactions contemplated by
the SPA ("Completion"), which is scheduled to occur on or before August 31,
Coincident with this transaction, Global Alumina International Limited
("GAIL") and The Broken Hill Proprietary Company PTY Limited ("BHP Billiton")
have agreed to terminate their share purchase agreement which was announced on
November 1, 2012. Concurrent with this termination and execution of the SPA,
DM GAV signed a share purchase agreement directly with BHP Billiton to buy all
of BHP Billiton's interests in Guinea Alumina.
About Global Alumina
Global Alumina is in a joint venture through its wholly-owned subsidiary,
Global Alumina International, Ltd., with BHP Billiton, Dubai Aluminium and MDC
Industry Holding Company LLC (as successor to Mubadala Development Company
PJSC), 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 and
business prospects and opportunities. 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. 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 obligations to update or revise it to reflect new events or circumstances
except as required by applicable law.
Michael Cella, Global Alumina, 212 351 0010, email@example.com
SOURCE: Global Alumina Corporation
To view this news release in HTML formatting, please use the following URL:
CO: Global Alumina Corporation
NI: MNG ERN MNA
-0- May/15/2013 20:30 GMT
Press spacebar to pause and continue. Press esc to stop.