MOSCOW, Apr 8 (PRIME) -- Group Rio Tinto has acquired full control over alumina plant Queensland Alumina Ltd (QAL) in Australia it owns via a joint venture with Russian aluminum producer RUSAL, Bloomberg reported late Thursday.
Rio Tinto earlier owned 80% and RUSAL 20% in QAL. A source with knowledge of the situation said that the companies could return to a joint venture ownership once the sanctions are cancelled.
Australia forbade exports of alumina and aluminum alloys to Russia in March, a sanction aimed at making it more difficult for Russia to produce aluminum, since the Australian Foreign Ministry estimates Russia's alumina demand covered by Australian imports by almost 20%.
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