Russian producer RusAl announced it has closed the deal to acquire a majority stake in the Aluminium Smelter Company of Nigeria (ALSCON) in Akwa Ibom from the Nigerian Bureau of Public Enterprises (BPE).
The transaction will add almost 150,000 tonnes annually to RUSAL's aluminium production capacity.
According to the terms of the deal, RusAl has received a 77.5% block of shares in ALSCON, a 193,000-tonne smelter (reduction, anode-producing and casthouse areas), a port on the Imo River and a power-generating station. Germany's Ferrostaal AG and the Government of Nigeria remain minority shareholders with 7.5% and 15% blocks respectively.
The Russian company said it plans to invest an additional $150 million over the next three years to complete, refurbish and modernise ALSCON.
The ALSCON smelter has hardly operated at all since it was built in the 1990s with its reputation summed up by one local commentator's description of it as the "bad dream smelter".
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