CEO says RUSAL plans capex at $800–900 mln in 2019

ST.PETERSBURG, Jun 10 (PRIME) -- Russian aluminum giant RUSAL plans to finance its 2019 capex of U.S. $800–900 million with its own funds, CEO Yevgeny Nikitin told PRIME in an interview released on Monday.

“Speaking about capital expenditures of the company in general, we forecast them at the level of the last year, I mean, about U.S. $800–900 million. Everything will be financed from our own money, we do not plan new, additional borrowing on these goals,” Nikitin said.

The official said that RUSAL plans to keep capital expenditures at $800–900 million in 2020.

He separately said that the company will complete construction of the Taishet smelter regardless of whether hydropower company RusHydro participates. Investment in the plant will amount to about $200 million in 2019.

Construction of the Taishet aluminum smelter began in 2006 but was suspended in 2009. RUSAL said in February that it planned to attract $700 million of project financing to complete it. RusHydro has set seven conditions for participation in 2017, including a requirement that half of the project should not be valued more than $388 million.

End