Basic Element Companies Expand Partnership with Norinco Corporation
Moscow, Apr 29, 2012 - (ACN Newswire) - Oleg Deripaska, CEO of Basic Element and UC RUSAL (SEHK: 486, Euronext: RUSAL/RUAL, MICEX-RTS: RUALR) and President of En+ Group, and Zhang Guoqing, President of China North Industries Corporation, signed a framework agreement on strategic cooperation providing for the joint implementation of projects in the engineering, mining and metal sectors.
Under the auspices of the agreement Basic Element and NORINCO plan to boost the value of their economic and trade cooperation to over US$1 billion within three years of 1 January 2012.
In particular, UC RUSAL has undertaken to expand its export of aluminum products to China through sales to North United Aluminum (Shenzhen) Co. Ltd, a joint venture company established by the partners in Chinaon the basis of Shenzhen North Investments, a NORINCO subsidiary trading company with 15-year experience in Chinese non-ferrous metals market.
UC RUSAL will also study the feasibility of inviting NORINCO to supply anode production equipment for the Taishet aluminum smelter which is under construction.
En+ Group and NORINCO agreed to discuss NORINCO's participation in a project to create Russia's largest aluminum rolling mill on the basis of the Krasnoyarsk metal plant. In addition, the parties agreed to develop a long-term cooperation mechanism for resource development, including the joint development of nickel, copper and other resources in Russia and abroad.
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