International banks hold debt of Rusal 7

The main world producer of aluminum (4.4 million tonnes in 2008), the Russian Rusal group, will finally take the step. After several years of hesitation mining and metallurgical giant controlled by the young Tycoon Oleg Deripaska (forty-one years old) will rate its shares on the stock exchange. The chosen place is unusual for a non-Chinese sector company: Kong Kong. But it fits well with the objectives of Rusal: lister part relatively reduced its capital (probably 10 of the total) and open up more to the vast Chinese market of metals and minerals.

Long considered the introduction to the London Stock Exchange was finally rejected. Some observers point out that, in view of the shareholder structure, securely stowed in , the investment company of Oleg Deripaska, who owns about 54 of its shares, Rusal action would have risked to be derelict by the investors in the stock market more provided in extractive values.

The grey metal producer has certainly pondered the fate by operators London àXstrata, a diversified mining colossus long undervalued due to the presence in the capital of a shareholder holder of 35 of the shares, the trader Glencore. The latter is also a shareholder determinant of Rusal, with about 10 of its securities. Also, the stock exchange of Hong Kong offer to its stakeholders a very small selection of foreign companies. This should foster placement easy and well-paid titles of the alumineur despite its very high level of debt. The reference of Rusal in terms of valorisation is Chinese rival Chalco, the central assets of the State holding company Chinalco. It is estimated at more than 22 billion US $. On this basis, Rusal may hope to raise over $ 2 billion USD for a tenth of its capital. A sum well valuable to restore the balance of its finances. The introduction on the stock exchange was a condition imposed two months to the mining company by its foreign creditors on the restructuring of its gross debt total of $ 16.8 billion. International banks hold debt of Rusal $ 7.5 billion. The remaining portion being in the hands of Russian financial institutions including 4.5 billion in State VEB Bank.

Urgent cash need

According to analysts at Troika Dialog, in the next four years, the mining and metallurgical company must pay 1.5 billion dollars per year in international lending banks alone. Where the urgent cash need who presided over the decision, not yet public, to appeal to the stock market despite the poor state of the world market of grey metal. Several sources indicate that the introduction on the stock exchange of Hong Kong should be late 2009 - first quarter 2010. Finally, will take the path of the stock market to recapitalize to allow Rusal not to be compelled to surrender its 25 at the lower price in the Norilsk Nickel, the world's leading compatriot nickel and palladium. Keep a strategic participation in the capital of the latter is an insurance that in case of consolidation of the mining and metallurgical Russian Kremlin-driven interests do are not too quickly sacrificed.