16.06.2023, 08:27
UC Rusal will invest 400 billion rubles in the creation of an alumina plant in the Leningrad region
Source: OREANDA-NEWS
OREANDA-NEWS The only primary aluminum producer in Russia, UC Rusal, will invest about 400 billion rubles in the construction of an alumina plant in the Lomonosov district of the Leningrad region and a new deep-water port in Ust-Luga for it, the company announced on June 15. Vedomosti found out the details of the project.
The agreement on the joint implementation of the project was signed on the sidelines of SPIEF-2023 by the CEO of UC Rusal Evgeny Nikitin and the Governor of the Leningrad Region Alexander Drozdenko. "We have been preparing an agreement with UC Rusal for almost a year," Drozdenko said at the signing. It is expected that the first stage of production with a capacity of up to 2.4 million tons per year will be put into operation by the end of 2028, the construction of the second stage of the same capacity UC Rusal plans to complete in 2032. The regional government will provide consulting, organizational and regulatory support for the project.
According to the representative of UC Rusal, the financing of the construction of the plant and the port is assumed from the company's own funds and borrowed capital. The final cost of the project will be determined after all the design and estimate documentation is approved, he says.
In 2022, UC Rusal's IFRS revenue increased by 16.5% to $13.97 billion. But the company's net profit fell by 44% to $1.79 billion, adjusted EBITDA decreased by 30% to $2.03 billion. The company also significantly increased its net debt, which increased by 32% over the year to $6.26 billion.
The project provides for the construction of an alumina production, a deep-water port with appropriate infrastructure, a sludge storage, energy infrastructure and auxiliary facilities, the representative of UC Rusal explained. The choice of the construction site is due to "optimal logistics for marine supplies of bauxite from Africa and, in particular, from Guinea, which has the world's largest bauxite reserves, where UC Rusal owns ore mining enterprises," explains a company representative.
In addition, according to him, the choice of production location was influenced by the availability of pipeline gas, the depth of the Gulf of Finland off the coast, the developed construction base of St. Petersburg and the Leningrad region and the availability of labor resources.
The Boksitogorsky and Pikalevsky alumina plants owned by UC Rusal, as well as the All-Russian Aluminum–Magnesium Institute are located in the region - specialists of these enterprises can be involved in the implementation of a new investment project, the company representative adds.
The agreement on the joint implementation of the project was signed on the sidelines of SPIEF-2023 by the CEO of UC Rusal Evgeny Nikitin and the Governor of the Leningrad Region Alexander Drozdenko. "We have been preparing an agreement with UC Rusal for almost a year," Drozdenko said at the signing. It is expected that the first stage of production with a capacity of up to 2.4 million tons per year will be put into operation by the end of 2028, the construction of the second stage of the same capacity UC Rusal plans to complete in 2032. The regional government will provide consulting, organizational and regulatory support for the project.
According to the representative of UC Rusal, the financing of the construction of the plant and the port is assumed from the company's own funds and borrowed capital. The final cost of the project will be determined after all the design and estimate documentation is approved, he says.
In 2022, UC Rusal's IFRS revenue increased by 16.5% to $13.97 billion. But the company's net profit fell by 44% to $1.79 billion, adjusted EBITDA decreased by 30% to $2.03 billion. The company also significantly increased its net debt, which increased by 32% over the year to $6.26 billion.
The project provides for the construction of an alumina production, a deep-water port with appropriate infrastructure, a sludge storage, energy infrastructure and auxiliary facilities, the representative of UC Rusal explained. The choice of the construction site is due to "optimal logistics for marine supplies of bauxite from Africa and, in particular, from Guinea, which has the world's largest bauxite reserves, where UC Rusal owns ore mining enterprises," explains a company representative.
In addition, according to him, the choice of production location was influenced by the availability of pipeline gas, the depth of the Gulf of Finland off the coast, the developed construction base of St. Petersburg and the Leningrad region and the availability of labor resources.
The Boksitogorsky and Pikalevsky alumina plants owned by UC Rusal, as well as the All-Russian Aluminum–Magnesium Institute are located in the region - specialists of these enterprises can be involved in the implementation of a new investment project, the company representative adds.
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