RUSAL announces acquisition of Timano shares

RUSAL announces the completion of a transaction with the Fund for the Support of Investment Projects in the Komi Republic in order to receive the remaining 20 percent of Timan's Boksit shares. The completed transaction provided RUSAL with the right to own 100 percent of the Timano mine.

The deal was carried out as part of the company's strategic program for the consolidation of RUSAL's assets, which will ensure the stability of bauxite supplies to the company's aluminum smelters. This deal took place after several years of negotiations and the satisfaction of the demands of both parties.

Yakov Itskov, head of RUSAL's alumina division, said that RUSAL is pursuing a strategy of self-sufficiency in raw materials. Timano is a strategically important asset of RUSAL in Russia, as it contains high quality bauxite, which accounts for 30 percent of the country's bauxite deposits.

RUSAL is also announcing the start of its metal powder business modernization program with a total investment of $ 52 million. The program provides for the modernization of powder metallurgy at the plants in Volgograd and Shelekhov and is aimed at increasing the production of aluminum powder from 20,000 to 25,500 tons per year.

In addition, Rusal hopes to expand its market share in Russia and the CIS from 54 percent to 76 percent. The company said that as part of the program, it is investing in the development of state-of-the-art milling technology, which will enable it to penetrate the aluminum paste segment. Along with this, the company also invests in the development of new technologies to reduce production costs.