MOSCOW, 26 April, 2004 – RUSAL, one of the world’s leading aluminium producers, today welcomed approval by the United States Bankruptcy Court for the District of Delaware of RUSAL’s agreement to purchase a 65% majority stake in Alpart, a major mining and refining asset in Jamaica, from Kaiser Aluminum.
The transaction remains subject to the consent of the Government of Jamaica and a right of first refusal held by Alpart’s remaining 35% stakeholder, Hydro Aluminium. RUSAL expects the transaction to be completed near the end of the second quarter of 2004.
In a statement, RUSAL said that once completed, the acquisition will be an important step towards the fulfilment of the company’s strategic plans for self-sufficiency in raw materials and conforms to RUSAL’s positive assessment of the long-term outlook for the alumina market.
A spokesperson for RUSAL said “We are looking forward to working together with Alpart management and its excellent employees. Alpart will become an important part of the RUSAL group. Putting Alpart’s raw material base and high quality workforce, together with RUSAL’s knowledge and experience of the international aluminium industry, we are confident we can further develop the business locally. We are also looking forward to working with the Jamaican business and political community and helping develop Alpart’s already highly important contribution to the well-being of the region.”
RUSAL, a world leader in aluminium production was formed in March 2000 from the merger of a number of the largest smelters and other aluminium producers located in the CIS. The company accounts for 75% of Russia's primary aluminium output and 10% of the global primary aluminium output. RUSAL is a fully vertically integrated company with a complete production cycle from bauxite mining and the production of raw materials, to the production of primary metal, semi-products and aluminium-based end products. RUSAL is headquartered in Moscow.
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