Bloomberg News

Rusal Surges in Moscow on $1.4BN Loan From China for Smelter

October 12, 2011

Oct. 12 (Bloomberg) -- OAO Rusal’s Russian depositary receipts climbed in Moscow trading after China and Russia yesterday signed a deal under which the world’s biggest aluminum producer will receive $1.4 billion to help fund a smelter in Siberia.

The shares climbed as much as 5.4 percent and last traded 3.3 percent higher at 287.1 rubles by 10:47 a.m. in Moscow. Its Hong Kong-traded shares added 2.3 percent to $7.17.

The Chinese and Russian state lenders signed an agreement on the loan in Beijing yesterday during a visit by Prime Minister Vladimir Putin, VEB Chief Executive Officer Vladimir Dmitriev told reporters in the city. China Development Bank will provide the money to VEB, which will in turn lend it to Rusal, he said.

--Editor: Chris Peterson

To contact the reporter on this story: Jason Corcoran at Jcorcoran13@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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