DUBAL to Acquire 25% of Global Alumina's Outstanding Shares and 25% of Its
Alumina Production
TORONTO, April 28 /PRNewswire-FirstCall/ -- Global Alumina Products
Corporation (Global Alumina) (TSX: GPC.U) and Dubai Aluminium Company, Ltd
(DUBAL) today announced that they have entered into a Memorandum of
Understanding whereby DUBAL would make a substantial investment in Global
Alumina. The investment would be by way of share subscriptions and would
result in DUBAL ultimately owning 25% of the outstanding shares of Global
Alumina.
In addition, DUBAL and Guinea Alumina Corporation S.A., a wholly owned
subsidiary of Global Alumina (Guinea Alumina), would simultaneously enter into
a long term purchase and sale agreement for 25% of the annual production from
Guinea Alumina's proposed refinery.
"We are extremely pleased with the prospect of having DUBAL as a major,
strategic shareholder in Global Alumina. DUBAL is recognized as one of the
most efficient and well managed aluminum companies in the world and it's
active participation in the development and implementation of the project will
significantly increase the likelihood of success for the project," stated
Bruce Wrobel, Chairman and Chief Executive Officer of Global Alumina.
"DUBAL is delighted to be entering into an association with Global Alumina
Products Corporation, with a view to establishing an alumina refinery in
Guinea. DUBAL's involvement in this project will be in line with its
strategic objective of upstream integration to achieve security over raw
material supply and to develop a major presence in the aluminium industry,"
said Abdulla Kalban, CEO of DUBAL.
DUBAL and Global Alumina are finalizing the details of the two agreements
which will be submitted to their respective Boards for approval. Once
approved the agreement with respect to DUBAL's investment in Global Alumina
will be submitted to the Toronto Stock Exchange and Global Alumina's
shareholders for approval. The equity investment is also conditional upon the
ratification by the Guinean National Assembly of the Basic Agreement between
Global Alumina and the Government of Guinea and securing commitments for the
balance of equity required to fund completion of its refinery project in
Guinea. The Basic Agreement grants Global Alumina a mining concession for the
exploitation of bauxite and the right to construct, operate and maintain an
alumina refinery in Guinea.
ABOUT DUBAI ALUMINIUM COMPANY, LTD.
DUBAL is the industrial flagship of Dubai, United Arab Emirates and the
largest single site aluminium smelter in the western world. DUBAL, which is
100% owned by the Dubai government, produces and exports high quality, value
added primary aluminium products to more than 40 countries world-wide. For
further information, visit http://www.dubal.co.ae.
ABOUT GLOBAL ALUMINA
Global Alumina Products Corporation (Global Alumina) is a company that
intends to use the vast bauxite resources of Guinea to produce alumina for
sale to the global aluminum industry. Global Alumina is positioned to be one
of the largest companies focused solely on alumina production and sales, and
offers an opportunity for socially responsible investing in a country that
holds over one-third of the world's bauxite resources. Global Alumina is
headquartered in Saint John, New Brunswick with operations in Boke, Guinea and
has administrative offices in New York, London, Montreal and Conakry, Guinea.
For further information visit our website at http://www.globalalumina.com.
This press release includes certain "forward-looking statements". All
statements, other than statements of historical fact, included herein,
including without limitation statements regarding future plans, goals and
objectives of Global Alumina, are forward-looking statements that involve a
number of risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers are cautioned to not place undue reliance upon the
forward-looking statements included herein.
SOURCE Global Alumina Products Corporation
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Related links:
http://www.globalalumina.com
http://www.dubal.co.ae
CONTACT:
Khalid Buhumaid, General Manager, DUBAL,
+04-802-2020, buhumaid@dubal.ae; Michael Cella, Global Alumina,
+1-212-223-9419, cella@globalalumina.com; Joshua Orzech, GCI
Group, +1-416-486-5923, jorzech@gcigroup.com, for Global Alumina
Products Corporation
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