United Company RUSAL, International Public Joint-Stock Company announced that it is pursuing a modernization plan to create new production facilities on the sites of its existing workshops of aluminium smelters for the improvement of production technology and environmental sustainability (the "Project"). To commence this process, the board of directors has approved the preliminary plan of the Project, which sets out its scale, principal characteristics and estimated capital expenditures. As part of the Project, the Krasnoyarsk, Bratsk, Irkutsk and Novokuznetsk aluminum smelters will be partially replacing the electrolysis cells and infrastructure operating on Soderberg production technology with the pre-baked anode technology with the following rebuilt capacity on each of the plants: Krasnoyarsk Aluminium Smelter: 535 thousand tonnes per annum; Bratsk Aluminium Smelter: 535 thousand tonnes per annum; Irkutsk Aluminium Smelter: 235 thousand tonnes per annum (full transition to pre-baked anode technology); Novokuznetsk Aluminium Smelter: 75 thousand tonnes per annum. In order to maintain the Company's annual volume of aluminium sales, the Project will be carried out in line with a step plan to minimize effect on production output.
It is currently contemplated that both the Project and Taishet Anode Plant input increase will be carried out in stages until 2030 with major part of investment taking place between 2023 and 2027. The total capital expenditures are estimated to be around USD 4.9 billion (including VAT).