Sual, Rusal to be equal partners in Komi bauxite, alumina project

Sual and Rusal agreed to become equal partners in the Komi aluminium project which involves the development, construction and operation of a bauxite-alumina. The joint agreement also defines the terms of reference for the second stage of the project to build an alumina refinery 12km from the city of Sosnogorsk with a capacity of 1.4-mil mt/year due to start up in 2008. The companies plan to invest a total of $1.2-bn into the project and the financing is to be made on a parity basis by means of debt and shareholders' capital. (Platts - 04/25/05)