Global Alumina Announces Signing of Key Agreements Among Guinea Alumina, Gov’t. of Guinea and Compagnie des Bauxite de Guinee
TORONTO, July 19 /PRNewswire-FirstCall/ — 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 Guinea Alumina Corporation (the Project joint venture company, “Guinea Alumina”) and the Republic of Guinea have signed a Port Agreement and an Infrastructure Agreement and, along with Compagnie des Bauxite de Guinee, have also signed an Operations Agreement. The three agreements comprise the remaining exhibits to the Basic Agreement with the Republic of Guinea signed on October 15, 2004 governing the development, construction and operation of the Project. The Port Agreement sets forth the terms of construction and use of the port installations that are being constructed in Kamsar, Guinea. The Infrastructure Agreement sets forth the terms of expansion, improvement and use by Guinea Alumina of the existing rail and dock infrastructure. The Operations Agreement specifies the practical and logistical terms and methods of upgrading and operating the existing port and railway infrastructure to be used by Guinea Alumina.
Karim Karjian, Chairman of both Global Alumina and Guinea Alumina, stated, “The signing of these important agreements represents achievement of a major milestone in the development of the Guinea Alumina refinery project. These agreements provide the basis under which Guinea Alumina will improve upon, operate and maintain the rail, port and ancillary facilities that will serve its alumina refinery. The Operations Agreement is essential to the orderly operation and maintenance of the rail and port facilities to be shared with Compagnie des Bauxite de Guinee. Signing of the three agreements marks an additional important step in the continued development of this world class project.”