UC Rusal （0486） will start marketing its yuan-denominated bonds in mid February to raise about 1 billion yuan （HK$1.18 billion）, said deputy chief executive Oleg Mukhamedshin.
He expects the three-year bonds - to be launched by the end of March - to be attractive to banks and funds that have large amounts of yuan.
The world's largest aluminum maker may use the proceeds to buy raw materials in China or convert it to rubles or the US dollar, Mukhamedshin said.
The Russian firm is also considering refinancing its US$5 billion （HK$39 billion） international debt this year through syndicated loans.
Rusal shares have gained for the fifth consecutive session, rising 2.62 percent yesterday to an all-time high of HK$12.54 after the firm announced the yuan bond sale.
After its board lot size was slashed to 1,000 shares from 6,000 last month, the number of Rusal shares traded rose, reaching 13.9 million on December 22.
Mukhamedshin said the board lot may be reduced further if share prices rise sharply.
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