China's largest aluminum production base inks deal with Rusal (repeat)
Shanghai. March 29. INTERFAX-CHINA - Xinshan Aluminum Industry Demonstration Park, the country's largest base for the development of aluminum production, has signed a memorandum of understanding (MoU) with Russian aluminum giant UC Rusal (Rusal) concerning mining and production projects, Rusal announced March 28.
Under the terms of the agreement, Rusal will act as an engineering company for aluminum plant construction within the Guangxi Zhuang Autonomous Region-based park, while both sides will partner on bauxite and alumina mining projects in Asia-Pacific region countries.
According to Rusal's first deputy chief executive officer (CEO), Vladislav Soloviev, the breakneck speed at which urbanization is taking place in China could see demand for aluminum increase 12 percent year-on-year in 2011. "Rusal is ready to become a reliable partner for China, both in terms of necessary raw materials, and the construction of new production facilities," said Soloviev.
Rusal has also signed a contract with China North Industries Corp. (Norinco) to deliver 1.68 million tons of aluminum to Norinco by 2016.
The Russian company is due to close a deal in the first quarter of 2011 for the purchase of a 33 percent stake in Norinco subsidiary Shenzhen North Investments.