Moscow-based OAO Rusal, the world`s third largest aluminium producer, has secured a syndicated US$500 million loan from foreign and Russian banks to bring its new Khakassia smelter up to full capacity.
A company statement said that the loan, which had a term of 12 years, would also be used to refinance previously secured loans and repaid with profits from the company`s sales.
The Khakassia smelter is the first aluminium plant to be built in Russia in the past 20 years. Total investment in the project exceeded US$750 million.
The first metal was produced in December and the plant is expected to reach full capacity of 300,000 t/y of aluminium by the end of 2007.
RUSAL is in the process of merging into the world`s top producer of the metal with smaller local rival SUAL and assets belonging to commodities trader Glencore.
Rusal was established in March 2000 through a merger of several largest aluminium smelters and alumina refineries in the Commonwealth of Independent States (CIS).
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