RUSAL signs memorandum of intent with Ministry of Industry, Mines and Technology Development of Republic of Cameroon

RUSAL, the world’s largest aluminium producer, reports on the visit of a delegation of the Company to the Republic of Cameroon and the signing of the memorandum of intent with the Ministry of Industry, Mines and Technology Development.

During the visit, the delegation studied the possibility of the Company’s participation in the bauxite and alumina production in the Republic of Cameroon, estimated raw material and energy potential of the country, its energy and transport infrastructure, as well as entered into a dialogue with the authorities of the Republic of Cameroon responsible for developing the natural resources sector and attracting foreign investments in the country. The delegation of the Company was accepted at the Ministry of Economy, Planning and Regional Development, Ministry of Industry, Mines and Technology Development, and Ministry of Foreign Affairs of the Republic of Cameroon. Also during the visit, a constructive meeting with the Prime Minister of the Republic of Cameroon, Mr Philemon Yang took place.
As a result of the visit, RUSAL has expressed its intention to undertake a wide ranging feasibility study of various metals and mining projects in the Republic of Cameroon, as well as the development of necessary transport infrastructure. RUSAL has also expressed interest in purchases of petroleum products in the Republic of Cameroon to meet the needs of the Company. Representatives of the Government of the Republic of Cameroon have confirmed that RUSAL’s participation in the development of natural resources of the Republic is in the interests of its economic development and in line with the country’s policy to attract world class foreign investors.

“Cameroon is of great interest to RUSAL, as it has significant reserves of bauxite – the main raw material for the production of alumina and aluminum. The country is characterized by political stability and a favorable investment climate, which is especially important for foreign partners. We look forward to continuing a constructive dialogue with the Government of the Republic and a mutually beneficial cooperation in the future that will allow RUSAL to strengthen its presence in Africa, At the same time, the Republic of Cameroon will strengthen its economic position and social stability in the region“, said Yakov Itskov, Director of International Alumina Division of UC RUSAL.

For the organization of future cooperation the parties intend, by July 1, 2011 to establish a joint working group comprising representatives of RUSAL and the Ministry of Industry, Mines, and Technology Development of the Republic of Cameroon, to develop proposals for the Company’s involvement in projects in the bauxite and alumina sector of the Republic of Cameroon before December 1, 2011.

About RUSAL
UC RUSAL (www.rusal.com) is the world’s largest producer of aluminium, in 2010 accounting for approximately 10% and 10% of global production of aluminium and alumina, respectively. UC RUSAL employs about 72,000 people in 19 countries, across 5 continents. UC RUSAL markets and sells its products primarily in the European, Japanese, Korean, Chinese, South East Asian and North American markets. UC RUSAL’s ordinary shares are listed on The Stock Exchange of Hong Kong Limited (Stock code: 486), global depositary shares representing UC RUSAL’s ordinary shares are listed on the professional compartment of Euronext Paris (RUSAL for Reg S GDSs and RUAL for Rule 144A GDSs), and Russian depositary receipts that are issued on common shares of the Company are listed on MICEX (RUALR) and RTS (RUAL) stock exchanges.