The Wall Street Journal-20080205-United Co- Rusal- China Power Investment Agrees to Joint Projects

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United Co. Rusal: China Power Investment Agrees to Joint Projects

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Russian aluminum producer United Co. Rusal signed a memo of understanding with China Power Investment Corp. to build a bauxite- alumina complex in Guinea and an energy and aluminum-smelter complex in China. Financial details weren't disclosed. The two projects will create a vertically integrated aluminum-production complex. Rusal will hold a stake of up to 49% in the Chinese aluminum smelter, and China Power will hold up to 49% of the Guinea bauxite-alumina complex. The projects could begin in 2009, Rusal said. Chief Executive Alexander Bulygin said China, the world's largest aluminum consumer and producer, is one of the most promising regions for the company.