UC RUSAL Announced The Signing of The Annex to The Agreement with The Republic of Guinea

UC RUSAL the world’s largest aluminium producer, announced the signing of the Annex to the Agreement with the Republic of Guinea specifying details of the development of Dian-Dian, the world’s largest bauxite deposit, with the Company being the owner of rights to develop this project.

The document was signed by Mr Vladislav Soloviev first deputy CEO of RUSAL and minister of mines and geology of Guinea Mohamed Lamine Fofana. According to the document signed, the project development will be divided into four phases. The first phase of the project, which is to be completed by the end of 2015, involves the development of a bauxite mine with a capacity of 3 million tonnes of bauxite per annum. In addition, also by the end of 2015, RUSAL will complete a feasibility study of a project to increase the bauxite production at the mine up to 9 million tonnes per annum, as well as a feasibility study for construction of an alumina refinery with an annual capacity of 1.2 million tonnes.

The second phase, which is to be accomplished by the end of 2019, foresees an increase in the bauxite production up to 6 million tonnes per annum. The third phase, which is also planned for completion by the end of 2019, involves the construction of an alumina refinery with a capacity of 1.2 million tonnes of alumina per annum with a corresponding increase in the bauxite production to meet the needs of the plant. The document signed also foresees the fourth phase of the project, the development of which remains at the discretion of RUSAL and will depend on the global economic situation and the Company’s needs. The fourth phase includes an expansion of the capacity of the alumina refinery up to 2.4 million tonnes per annum and an increase in bauxite production up to 12 million tonnes per annum.

Mr Vladislav Soloviev first deputy CEO of RUSAL said that “The signing of this document is an important milestone in the development and strengthening of relationships between RUSAL and the Republic of Guinea, indicating a growing level of trust and mutual understanding. The project development conditions, which we have agreed upon, were elaborated in the interests of both parties and reflect our view on the prospects of the global aluminium market development. I remain confident that the mutually beneficial nature of our cooperation will improve the investment climate in the Republic of Guinea and raise the competitiveness of RUSAL as a leader of the global aluminum industry and one of the largest investors in this African country.”