Global Alumina Announces Receipt of Second Deferred Subscription Payment

TORONTO, Jan. 13  /PRNewswire/ -- 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 that its joint venture partners have paid Global Alumina the Second Deferred Subscription Price of approximately $33.3 million.  The payment was made into Global Alumina's escrow account used to fund its share of Project expenditures and any obligations under warranty claims.

Global Alumina has approximately $103.0 million in cash, $89.9 million of which is in escrow available for Project development and $13.1 million of which is unrestricted and available for general corporate purposes.  A final Third Deferred Subscription Payment of $33.3 million remains due to the Company on the completion of the Project debt financing.

The Company also announced that the joint venture board approved continued Project funding of $15.6 million for the month of January 2009, of which Global Alumina will be responsible for its one-third share.

Global Alumina also announced the completion of its Normal Course Issuer Bid, having repurchased for cancellation 10.9 million shares for an aggregate cost of $5.2 million.  The Company now has 195,639,187 shares outstanding.

About Global Alumina

Global Alumina and its joint venture partners are developing a 3.6 million metric tons per annum steady state capacity alumina refinery located in the bauxite-rich region of the Republic of Guinea.  The joint venture partners in the Project are Global Alumina International, Ltd., a wholly owned subsidiary of the Company, BHP Billiton, Dubai Aluminium Company Limited and Mubadala Development Company PJSC.  The Project is one of the most advanced new projects in Guinea with the refinery already in feasibility stage and critical path infrastructure and site work already underway.  The Company offers a first mover advantage over other projects in the region and 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 and has administrative offices in New York, London and Montreal. For further information visit the Company's website at http://www.globalalumina.com/. 

DATASOURCE: Global Alumina Corporation



CONTACT:  Michael Cella of Global Alumina, [phone],

; or Maura Gedid of Breakstone Group, [phone],

, for Global Alumina



Web Site:  http://www.globalalumina.com/ 

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