Russia's RUSAL signs CVG Letter of Intent to develop aluminum projects

Russia's Rusal (the world's largest producer of aluminum and alumina) has announced the signing of a Letter of Intent with the Venezuelan Guayana Corporation (CVG) to jointly explore opportunities to develop raw material and aluminum projects in Venezuela. The Letter of Intent creates the basis for a comprehensive exploration of technical, economic and financial aspects of creating a joint venture that will be implementing mutually beneficial projects in the area of bauxite extraction, alumina, aluminum and alloy production. By the end of this year the two parties are planning to prepare a preliminary financial as well as technical and economic assessment for the collaborative project. If the evaluation of the project'ss potential proves positive, the parties will embark on joint program realization. * This move is part of Rusal's strategy to strengthen its global presence, widen its raw material base and carry out large international projects. Possessing extensive energy and bauxite resources, Venezuela is of great interest for Rusal as a region for possible realization of a number of new projects and creation of a full production cycle -- from bauxite mining to primary aluminum production.