Rusal disagrees with Rio Tinto taking control of refiner Queensland Alumina
2022-04-11 12:02:47 [Print]
Russian aluminum producer Rusal said last Friday it "disagrees" with arrangements that allow Rio Tinto Ltd to take sole charge of jointly owned refiner Queensland Alumina Ltd (QAL).
Rio Tinto's move effectively cuts Rusal's access to production and management at the refiner under an Australian ban against exporting alumina and aluminum ores, including bauxite, to Russia.
The Australian government imposed the ban last month as part of its sanctions against Moscow over the invasion of Ukraine.
Rusal, the world's second-largest aluminum producer, said Rio Tinto's decision does not materially impact its business but may influence the availability of bauxite products, leading to more logistics costs.
Rusal said it was continuing discussions with QAL and Rio Tinto, and anticipates a successful resolution.
QAL is an alumina refinery joint-venture located in Gladstone, Queensland. Rio Tinto owns 80% of the refinery, while Rusal owns the rest.
Rio Tinto's move effectively cuts Rusal's access to production and management at the refiner under an Australian ban against exporting alumina and aluminum ores, including bauxite, to Russia.
The Australian government imposed the ban last month as part of its sanctions against Moscow over the invasion of Ukraine.
Rusal, the world's second-largest aluminum producer, said Rio Tinto's decision does not materially impact its business but may influence the availability of bauxite products, leading to more logistics costs.
Rusal said it was continuing discussions with QAL and Rio Tinto, and anticipates a successful resolution.
QAL is an alumina refinery joint-venture located in Gladstone, Queensland. Rio Tinto owns 80% of the refinery, while Rusal owns the rest.
Alumina 98.5%min FOB Australia
Unit:USD/mt
China alumina producers' inventory statistics by province by month
Unit: mt
