Global Alumina Corporation, 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 it has received the aggregate first deferred subscription payment from its joint venture partners of approximately $ 42.2 million. The payment has been placed in Global Aluminas escrow account and will be used to fund its share of Project expenditures and any obligations under warranty claims. Discussions among Global Alumina and stone crusher its joint venture partners relating to payment of the second deferred subscription payment are progressing and the parties have agreed on a process by which outstanding matters will be resolved.
Currently, Global Alumina has approximately $ 86.7 million in escrow funds available for Project development and $ 19.6 million in unrestricted funds for general corporate purposes. To date, Global Alumina has contributed approximately $ 88.2 million of capital to the Project joint venture since its inception on May 17, 2008 including the approximately $ 26.7 million contributed on completion of formation of the joint venture.
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 stone crusher 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. Global Alumina is positioned to be one of the only companies focused solely on alumina production and sales. The Company offers a first mover advantage over other projects in the region and an opportunity for socially stone crusher responsible investing in a country that holds over one-third of the worlds bauxite resources. Global Alumina is headquartered in Saint John, New Brunswick and has administrative offices in New York, London and Montreal.
The IPO is to cover some of the costs of projects led by the company, mainly a 740,000-tonne aluminium smelter with Rio Tinto and a 3m tonnes phosphate and by-products plant with Saudi Basic Industries Corporation (Sabic).The other 50pc of Maadens capital is held by the Public Investment Fund (PIF), a state fund under the helm of the finance ministry. Only Saudi investors will be able to buy the stock.
State-owned Saudi Arabian Mining Company (Maaden) yesterday launched an initial public offering to raise 9.25 billion riyals ($ 2.47bn) in the Middle Easts biggest mining IPO, valuing the firm at $ 4.9bn.Maaden plans to sell stone crusher 462.5 million of stock equivalent to 50 per cent of its share capital at 20 riyals each with subscriptions closing on July 14, according to the bourse regulator, the Capital Market Authority (CMA).
Maaden-Rio Tintos aluminium smelter will cost $ 7.53bn and plans to export 70pc of the production, Vice-President Abdallah Al Fallaj said earlier.The Saudi firm has secured loans worth several billion dollars from Saudi and Korean institutions for the phosphate project with Sabic.Maaden estimates its total investments at 60bn riyals, including phosphate, bauxite, gold and industrial minerals. The investments are part of government plans to diversify an economy that heavily depends on oil
by livei