Rusal could get Taishet smelter loan in Q2 2011
MOSCOW. April 18 (Interfax) - UC Rusal expects to receive a loan to finish building the Taishet aluminum smelter in the Irkutsk region in Q2 2011, the aluminum giant's capital markets director, Oleg Mukhamedshin, told reporters.
Efforts to complete the smelter may then begin as early as Q3 2011.
Mukhamedshin told Interfax that the loan would not affect Rusal's overall debt as it would be received by a special project company and classed as project financing.
Mukhamedshin declined to say who would provide the loan, which will be around $1.2 billion.
Reports have said Vnesheconombank (VEB) could provide the loan.
Rusal says it has invested some $551 million of a planned $1.772 billion in the Taishet smelter.
The smelter will eventually be capable of producing 750,000 tonnes of aluminum per year. Its first stage will produce 375,000 tonnes.