Report: RUSAL, Nigeria settle dispute over Alscon plant
MOSCOW, Feb 1 (PRIME) -- Russian aluminum producer UC RUSAL has settled a dispute over the Alscon plant with Nigeria, Bloomberg reported late Wednesday, citing Nigeria’s Steel and Mining Minister Kayode Fayemi.
Nigeria will have a 20% stake in the plant and RUSAL will have 80%, Bloomberg reported. The share of RUSAL in the operating company is 85%, according to information provided by RUSAL.
Alscon will resume operations in eight months under an agreement between the parties.
RUSAL acquired a controlling stake in Alscon in 2007. The plant has a capacity of 96,000 tonnes of aluminum a year, Alscon also has a port and a power plant running on gas.