OREANDA-NEWS. June 20, 2012. UC RUSAL (SEHK: 486, Euronext: RUSAL/RUAL, MICEX-RTS: RUALR), the world’s largest aluminium producer, and the Export-Import Bank of China, one of PRC’s largest financial institutions, have signed a cooperation agreement on RUSAL’s up to the USD850 million greenfield project in Eastern Siberia.

The agreement between RUSAL and China Eximbank foresees the possibility of joint cooperation on financing of RUSAL project for construction of a new anode factory in the Irkutsk Region. The main consumers will be RUSAL’s aluminium smelters in Eastern Siberia which are able to meet China’s growing demand in aluminium. The geographic proximity of the factory to its key consumers will shorten the supply chain and strengthen the vertical integration of RUSAL.

The support of the project by China Eximbank, the leading financial institution supporting the export and import trading activities and foreign economic cooperation of China, opens new prospects for the involvement of reputable Chinese contractors and companies into it.

The document was signed by RUSAL’s First Deputy CEO Mr. Vladislav Soloviev and China Eximbank Vice President Mr. Liange Liu.

“Resource sustainability and production efficiency are the core elements of RUSAL’s long-term strategy. The construction of the anode factory in direct proximity with the company’s most green and technologically advanced units will further strengthen the RUSAL position in the current competitive environment. We welcome China Eximbank supporting this project,” said RUSAL’s First Deputy CEO Mr. Vladislav Soloviev.

“The cooperation with RUSAL will be an important step in further enhancement of Chinese-Russian relations development. In the frame of the signed agreement our companies will cooperate on the anode factory construction project as well as exploring other opportunities of interest in context of developing partnership between the People’s Republic of China and the Russian Federation,” said China Eximbank Vice President Mr. Liange Liu.