The alumina project, which has not been named, is a joint venture of Global Alumina, BHP, Dubai Aluminium (Dubal) and MCD Industry Holding Company (Mubadala).
The SPA provides the other three partners in the joint venture an opportunity to buy the one-third share that BHP holds in the property. Global’s interest in the property, which is currently 33.3%, will increase to 50% or 66.7% depending on whether or not the other two partners exercise their right.
Global plans to raise the additional capital through the private placement of its securities to fund the purchase of interest as well as to invest in further development of the property.
About $800m has been invested by the joint venture partners in the project so far.
Global Alumina CEO Bruce Wrobel said, "BHP Billiton’s willingness to sell its one-third interest in the Project to its partners represents a significant, positive milestone for Global Alumina and the Project, as the remaining owners’ development interests are closely aligned."
