MOSCOW -(Dow Jones)- Russian aluminum producer United Co. Rusal (0486.HK) said Friday it has agreed to buy a 35% stake in Alumina Partners of Jamaica, or Alpart, from Norsk Hydro ASA (NHY.OS), thus securing 100% control of the alumina producer.
Rusal said it paid $46 million for the stake.
Rusal acquired a 65% stake in Alpart in 2007 following the merger of the company's assets with the alumina assets of Swiss-based Glencore International PLC (0805.HK).
Operations were temporarily idled at Alpart in 2009 due to "a difficult situation in the industry", Rusal said. It is currently developing operationally efficient ways to resume production at the complex by converting to coal and gas, and examining other cost-cutting processes, including through a more effective production management and cooperation with local suppliers.
"Rusal's move to acquire the remaining 35% stake in Alpart helps the company to become self sufficient in raw materials and protect it from such impacts," said Vladislav Soloviev, Rusal's first deputy chief executive.