Russian Aluminum, the third biggest aluminum producer in the world, said that it had closed a deal to purchase 20 percent in the world's largest alumina smelter - Australia's Queensland Alumina Limited - securing a vital raw materials supply.
In October, Russian Aluminum, which is owned by metals tycoon Oleg Deripaska, made a winning US$401 million (€309.44 million) bid to buy the stake from the bankrupt, Houston-based Kaiser Aluminum. Under the deal, which had been pending final approval from Australian government bodies, Russian Aluminum agreed to shoulder some US$60 million (€46.3 million) of Kaiser Aluminum's debt, the company said in a statement late Friday.
The purchase will give Russian Aluminum access to some 770,000 tons of alumina per year, an amount that is expected to be eventually increased to 1 million tons. The alumina will be available in full for delivery to Rusal's smelters in 2008 and will boost the company's raw material base by 22 percent, the statement said.