About Us – Historical Milestones

Early Milestones

7.21.1999 – Global Alumina Products Corporation (GAPCO) incorporated in the British Virgin Islands by co-founders Bruce Wrobel and Karim Karjian. Company initiates development activities, including social, environmental and engineering studies to pursue upstream aluminum opportunities in the Republic of Guinea.

2000 – GAPCO hires two world-class engineering contractors with highly-regarded aluminum industry practices: Hatch Kaiser as initial design engineering manager and SNC Lavalin as environmental engineering manager.

11.21.2001 – The company enters into memorandum of understanding with the Government of Guinea that ultimately leads to the fully negotiated and ratified Basic Agreement.

1999-2003 – GAPCO goes through three rounds of early-stage venture capital investments, raising a total of $8 million, including deals with Mitsubishi Corporation and Marubeni Corporation, each of whom entered off-take and equity options.

2004

2004 – GAPCO signs the United Nations Global Compact, a treatise of ten guiding principles in the areas of human rights, labor, the environment and anti-corruption.

2.3.2004 – The company raises $50 million through the sale of 50 million units by IBK Capital; each unit comprised of one share of common stock and a warrant to purchase one-half share for $1.50 before February 3, 2006.

3.11.2004 – GAPCO retains Citigroup as project financial advisor.

5.13.2004 - GAPCO announces it will acquire Aluminpro Aluminium Industry Professionals Inc., a consulting group specializing in the upstream aluminum industry.

5.28.2004 – The company announces the completion of a business combination, approved by the shareholders of PLI, Severrin Limited and GAPCO. The reverse merger results in the eligibility of Global Alumina’s shares on the TSX Venture Exchange.

6.14.2004 – GAPCO announces final acceptance of the listing of its common shares on the TSX Venture Exchange under the symbol GPC.U, quoted in U.S. dollars.

7.20.2004 – GAPCO announces the appointment of three industry veterans to its senior management team: Bernie Cousineau as president and chief operating officer; Ian Porteous as senior vice president and chief technology officer; and Frank Donohue as senior vice president, construction and engineering.

8.18.2004 – The company announces the appointment of Mamady Youla as deputy director general of its Guinean subsidiary, Guinea Alumina Corporation. Youla previously worked as an advisor to the Guinean Minister of Mines, before assuming the position of economic advisor to the Prime Minister of Guinea.

9.10.2004 – Guinea Alumina’s environmental impact assessment for the port site approved by Guinea’s Ministry of the Environment.

12.23.2004 – GAPCO closes a private placement and issues 15,385,000 common shares, priced at $1.95, for gross proceeds of $30 million.

2005

3.10.2005 – The company announces David Suratgar, chairman of Taylor-DeJongh’s advisory board, joins the company’s board of directors. Suratgar has advised governments, central banks, privatization commissions and state agencies globally, including the Republic of Guinea.

5.2.2005 – Global Alumina Products Corporation officially changes the company name to Global Alumina Corporation.

5.19.2005 – Guinea Alumina’s amended Basic Agreement unanimously ratified by the Republic of Guinea’s National Assembly. The Basic Agreement grants exclusive rights to develop, construct and operate a bauxite mine and alumina refinery within a specified concession in the Prefecture of Boke, Guinea. The Basic Agreement also includes preferential fiscal incentives and rights to access existing and strategically located rail and port facilities.

5.23.2005 - Guinea Alumina’s environmental impact assessment for the refinery site and associated infrastructure approved by the Ministry of Environment.

6.16.2005 – Global Alumina Corporation changes its stock symbol on the Toronto Stock Exchange from GPC.U to GLA.U.

10.4.2005 - The company enters into a long-term off-take agreement with Dubai Aluminium company (DUBAL) covering 40 percent of anticipated alumina production; it also closes the initial $20 million common stock subscription of DUBAL’s then-estimated $200 million subscription.

10.21.2005 – Global Alumina closes the first $50 million common stock subscription under its $100 million stock and convertible debenture subscription agreement with Emirates International Investment company LLC, comprised of 25 million common shares at a price of $2.00 per share. GLA.U was trading at $1.33 at the time.

11.29.2005 – The company enters into a subscription agreement with IDB Infrastructure Fund L.P. (IDBIF), a limited partnership established in the Kingdom of Bahrain, in which IDBIF subscribes for 22,222,222 common shares of Global Alumina at a subscription price of $2.25 per share, resulting in an aggregate purchase price of $49,999,999.50. GLA.U was trading at $1.67 at the time.

2006

1.19.2006 - Global Alumina and the United States African Development Foundation sign an agreement that creates a $10 million, five-year fund aimed at improving conditions and supporting new businesses in Guinea.

1.23.2006 – Guinea Alumina granted a bauxite mining concession for the supply of its proposed alumina refinery by Presidential decree issued by the Government of Guinea.

5.8.2006 – Global Alumina announces Karim Karjian, a co-founder of the company, appointed co-chairman.

5.17.2006 – The company signs memorandum of collaboration with the National Committee for the Fight Against HIV/Aids in Guinea.

6.2.2006 – Global Alumina announces that EIIC will not purchase the $50 million principal amount, 10 percent convertible debenture on the existing terms of its $100 million subscription agreement with the company.

9.8.2006 – Global Alumina confirms confidential discussions of alternative transactions, including a possible investment in the company or project, in response to a Dow Jones newswire report.

11.5.2006 – The company announces that it has entered into exclusive negotiations to form a joint venture to develop and operate the company's alumina refinery project in Guinea. The potential joint venture participants are BHP Billiton, Dubai Aluminium company and Mubadala Development company.

2007

5.21.2007 – Global Alumina completes a joint venture transaction selling two-thirds of its interests in Guinea Alumina Corporation Ltd. for $260 million ($151 million received at completion and $109 million to be paid in three subsequent milestone installments). BHP Billiton purchased one-third, DUBAL purchased one-fourth and Mubadala bought one-twelfth.

7.13.2007 – Guinea Alumina, the United States Agency for International Development, and the Guinea Ministry of Education sign an agreement to jointly fund a $2.5 million training program to upgrade the skills of more than 650 Guinean workers.

2008

1.31.2008 – Global Alumina Corporation provides key project updates: feasibility study schedule has been extended to mid-March 2008, production capacity to be increased by an additional 100,000 metric tons to 3.3 million metric tons per year for the first two processing lines. The cost to complete construction has increased from previously estimated US$3.2 billion to approximately US$4.3 billion. First alumina shipments expected to commence in September 2011. Project financing commitments expected to be secured by middle 2008, closing anticipated to follow September 2008.

3.13.2008 – The Feasibility Study is delivered to the board of directors of Guinea Alumina, confirming the economic viability of the Project and recommending approval by the Shareholders to proceed to the execution phase. The construction cost estimate is increased to $5.2 billion ($4.8 billion “to go”). The refinery's annual capacity, initially 3.3 million tonnes, is expected to increase over time to a steady-state of 3.6 million tonnes and ultimately to 3.95 million tonnes. It is designed to accommodate a third processing line, increasing its potential capacity to 5.4 million tonnes. Projected cash operating costs are benchmarked to be among the World's lowest 10%. The Feasibility Study will form the basis for the Project Development Plan which will also include a detailed timetable for Project implementation as well as a financing plan and associated equity drawdown schedule. The schedule then contemplates ramping up work toward a full construction notice to proceed in Q3 2008 and financial closing in Q4 2008, with first alumina production and sales expected in early 2012.

3.18.2008 – Guinea Alumina's board of directors approves a $110.8 million budget for the period January 2008 through May 2008.

6.2.2008 – Guinea Alumina's board of directors defers consideration of the Development Plan and approves a $115 million budget for June 2008 through August 2008.

9.2.2008 – Guinea Alumina's board of directors approves a $30.9 million budget for the month of September 2008.

10.14.2008 – Global Alumina's joint venture partners agree to make the $42.2 million first deferred subscription payment.
Guinea Alumina's board of directors approves a $65 million budget for the period October 2008 through November 2008.

11.12.2008 – Global Alumina commences a normal course issuer bid to repurchase up to 10 million (subsequently increased to 10,904,207) of its outstanding shares.

12.23.2008 – Global Alumina's joint venture partners agree to make the $33.3 million second deferred subscription payment.
Guinea Alumina's board of directors approves a $36.2 million budget for the month of December 2008.

2009

1.13.2009 – Guinea Alumina's board of directors approves a $15.6 million budget for the month of January 2009.
Global Alumina announces completion of its normal course issuer bid having repurchased 10.9 million shares for an aggregate cost of $5.2 million; 195,639,187 shares remain outstanding.

1.30.2009 – Guinea Alumina's board of directors approves a $15.8 million budget for the month of February 2009, defers again consideration of the Development Plan and directs management to conduct a comprehensive review of the Project's proposed development plan to review construction cost reduction opportunities and enhance the Project's readiness.

3.2.2009 – Guinea Alumina's board of directors approves a $12.3 million budget for the month of March 2009.

4.8.2009 – Guinea Alumina's board of directors approves a $22.0 million budget for the period April 2009 through June 2009.

6.25.2009 – Guinea Alumina's board of directors approves a $15.8 million budget for the period July 2009 through September 2009.

7.10.2009 – Global Alumina commences a substantial issuer bid to repurchase up to $8 million of its outstanding shares via Dutch Auction between $0.40 and $0.65 per share.

8.18.2009 – Global Alumina announces completion of its substantial issuer bid taking up 12,307,692 shares at $0.65 per share; 183,331,495 shares remain outstanding.

9.2.2009 – Guinea Alumina's board of directors approves a $14.1 million budget for the period October 2009 through December 2009.

12.30.2009 – Guinea Alumina's board of directors approves a $4.5 million budget for the month of January 2010.

2010

1.21.2010 – Guinea Alumina's board of directors approves a $4.8 million budget for the month of February 2010, and approves funding for a value enhancement study to identify potential construction cost-savings' improvements additional to cost saving opportunities arising more generally from the cooling world economic climate during 2009.

3.3.2010 – Guinea Alumina's board of directors approves a $5.9 million budget for the month of March 2010.

4.5.2010 – Guinea Alumina's board of directors approves a $5.0 million budget for the month of April 2010.

5.3.2010 – Guinea Alumina's board of directors approves a $5.2 million budget for the month of May 2010.

5.14.2010 – Guinea Alumina's board of directors approves a $3.9 million budget for the month of June 2010.

6.30.2010 – Guinea Alumina's board of directors approves a $5.7 million budget for the month of July 2010.

7.19.2010 – Global Alumina announces signing of key infrastructure, port and operations agreements among Guinea Alumina, The Republic of Guinea and Compagnie des Bauxite de Guinee.

7.29.2010 – Guinea Alumina's board of directors approves a $3.5 million budget for the month of August 2010.

9.2.2010 – Guinea Alumina's board of directors approves a $3.7 million budget for the month of September 2010.

9.10.2010 – Guinea Alumina's board of directors approves a $12.8 million budget for the period October 2010 through December 2010, and approves commencement of construction of a new jetty and berth at the Kamsar container terminal.

12.31.2010 – Guinea Alumina's board of directors approves a $5.3 million budget for the month of January 2011.

2011

1.31.2011 – Guinea Alumina's board of directors approves a $6.2 million budget for the month of February 2011.

3.3.2011 – Guinea Alumina's board of directors approves an $8.5 million budget for the month of March 2011.

4.28.2011 – Guinea Alumina's board of directors approves a $6.1 million budget for the month of May 2011.

5.19.2011 – Guinea Alumina's board of directors approves a $7.8 million budget for the month of June 2011.

7.8.2011 – Guinea Alumina's board of directors approves a $4.0 million budget for the month of July 2011.

7.28.2011 – Guinea Alumina's board of directors approves a $6.5 million budget for the month of August 2011.

As a one-third owner of Guinea Alumina, Global Alumina continues to strive toward its vision to become the industry’s preferred major alumina supplier through the development and expansion of Guinea’s alumina refining industry.