UC RUSAL and Venezuela sign cooperation agreement

Russian aluminium giant UC RUSAL said it has signed a letter of intent with Venezuela's state heavy industry company CVG to jointly develop alumina and aluminium projects. "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, aluminium and alloy production," UC RUSAL said. "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's potential proves positive, the parties will embark on joint program realization," it added.