LONDON (Thomson Financial) - United Company Rusal, the world's largest aluminium and alumina producer, said it plans to spend more than $700 million on the Taishet aluminium smelter in 2008.
It said 60 percent of the investment this year will be spent on building and assembling works and the remainder will be used to purchase equipment.
First metal from the smelter is scheduled to be produced at the end of 2009. The smelter is expected to produce 750,000 tonnes of aluminium.
'The Taishet aluminium smelter will be the most environmentally and technologically advanced smelter in the world, providing an 18 percent increase in the company's total production capacity,' said Valery Matvienko, director of the engineering and construction division.
More than $250 million has been invested on the project so far. julie.crust@thomsonreuters.com jc/rw COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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