MOSCOW, Sept 27 (Reuters) - The world's top aluminium producer, Russia's UC RUSAL 0486.HK, said on Monday it had signed a letter of intent to acquire a stake in a Chinese marketing unit to deliver 2 million tonnes of alloys to the Asian market.
The agreement to buy the stake in the sales and marketing subsidiary of China North Industries Corp (NORINCO) also specifies the intent of NORINCO to invest in RUSAL’s Siberian smelters, the company said in a statement.
“Under a long-term contract between RUSAL and NORINCO, RUSAL will deliver up to two million tonnes of aluminium alloys worth more than $4 billion a year to the Asian markets from the company’s Siberian smelters,” RUSAL said.
Writing by Lidia Kelly; Editing by Aleksandras Budrys
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