Rusal cuts 2015 capex estimate to $500 mln from $600 mln
MOSCOW. July 20 (Interfax) - UC Rusal now estimates capex in 2015 will total about $500 million, down from the estimate of $600 million at the end of the first quarter.
Capital investment in Q1 2015 totaled $87 million, Rusal said in a presentation on its website.
Fifty percent of the aluminum giant's capex is denominated in rubles.
Rusal did not provide an explanation for the adjustment to capex this year.
Of the $500 million total, $400 million-$420 million is maintenance capex used to support current production.
Rusal will invest $34 million in the Dian-Dian bauxite project in Guinea this year. Total project capex will amount to $216 million, according to the presentation. Rusal also expects to launch the first stage of the Boguchany Aluminum Smelter in Q3 2015.
Rusal's capex totaled $479 million in 2014, down from $553 million in 2013.
