19 JULY 2016AlCircle.com
RUSAL to sell Alpart alumina refinery for $299 mln
Edited by : Dipanwita Gupta
2 min read
<p>Leading primary aluminium producer UC RUSAL has signed of an agreement with Alumina Partners of Jamaica (‘Alpart’) to sell its 100 per cent stake in the latter to the Chinese state industrial group, JIUQUAN IRON & STEEL (GROUP) Co. Ltd (‘JISCO’), as a part of their assets optimization and debt ratio reduction programme. The deal amount has been fixed at $299 million.<br /><br />To expedite the transfer of Alpart ownership, RUSAL and JISCO will also enter into a separate Consulting and Technical Service Agreement, to be made effective within 18 months from closing of the deal.<br /><br />“We are very pleased with the achieved agreement. The deal is of financial interest for us, in that it does not affect the vertically integrated production chain of the company. RUSAL’s production facilities both in Russia and abroad fully satisfy the company’s alumina demand while the company-owned bauxite resources ensure our plants’ performance for the next 100 years and more. The deal also strengthens our relationship with our Chinese partners, opening new opportunities for the future co-operation in other areas,” said UC RUSAL CEO Vladislav Soloviev.<br /><br />The deal has received mandatory approval from UC RUSAL’s Board of Directors. However, it is also subject to approvals by the Government of Jamaica and by a number of state bodies in China.</p>
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