RUSAL to acquire 30% stake in Hebei Wenfeng New Materials
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Update time : 2023-10-25 16:52:36
RUSAL, a global leading aluminum supplier in Russia, has inked an agreement for an acquisition of a 30% stake in Hebei Wenfeng New Materials (HWNM), a Chinese alumina producer, with a deal value of CNY 1.91 billion.
According to the agreement, Rusal and HWNM will divide the alumina produced based on their respective equity interests. Rusal will be able to obtain alumina at competitive costs and secure the supply of its key raw materials.
HWNM owns an alumina refinery in the Caofeidian District, Hebei Province, China. It was put into operation in March 2022 and has a nameplate annual capacity of 4.8 million tons of metallurgical grade calcined alumina.
The transaction is still subject to approvals by Chinese authorities and the consent of HWNM's creditors.
