Global Alumina Releases First Quarter 2013 Results

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
        2012.
    --  As of March 31, 2013, the Company had cash of $0.67 million,
        and a working capital deficit of $1.59 million.

Subsequent Events

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, 
2013.

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, cella@globalalumina.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/May2013/15/c7474.html

CO: Global Alumina Corporation
ST: Ontario
NI: MNG ERN MNA 

-0- May/15/2013 20:30 GMT


 
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