Rusal to Acquire 20% Share in Queensland Alumina

RUSAL, one of the world’s leading aluminium producers, today confirmed its successful participation in an auction for Kaiser Aluminium’s 20% interest in Queensland Alumina Limited (QAL). The auction was authorized by the U. S. Bankruptcy Court for the District of Delaware.

The successful bid provides for a base price of US$401 million in cash, subject to certain working capital adjustments, plus purchase of Kaiser’s alumina and bauxite inventories and the assumption of Kaiser’s obligations in respect of approximately US$60 million of QAL debt. Kaiser also will transfer its existing alumina sales contracts and other agreements relating to QAL to RUSAL.

RUSAL said that the acquisition of this stake in QAL, the largest alumina refinery in the world, is an important step in RUSAL’s drive to enhance its self-sufficiency in raw material supplies. This transaction will add approximately 740,000 tons of alumina into RUSAL’s alumina base. The transaction remains subject to the U. S. Bankruptcy Court for the District of Delaware’s approval, which is expected at a hearing on November 8, as well as customary closing approvals including those by lenders and certain regulatory authorities. The transaction is targeted for a closing in the first quarter of 2005.

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