Rusal is negotiating attraction of $700-800 with Russian state banks for the construction of the Tayshet Aluminum Works and intends to sign agreement this year.
“We have offers from banks on TAZ project financing. We’re negotiating terms. We will need some $700-800 million, depending on the exchange rate, to put the first stage with capacity of 430 thousand tons into operation”, the company strategy, business development and financial markets director Oleg Mukhamedshin said.
“We want to borrow the whole amount. We have offers, mostly from Russian state banks. We have to finish negotiations this year”, he noted.
Rusal intends to construct the first stage of TAZ by 2020.
The construction began in 2007, but the project was frozen because of the financial crisis of 2008-2009. The company tried to return to the project later, but again postponed works in 2012 because of the low aluminum prices. Rusal has invested some $800 million into the project so far. (Ukrainian metal)