UC Rusal has signed a letter of intent with Venezuelan state company Corporacion Venezolana de Guayana to explore opportunities to establish raw material and aluminium projects in Venezuela.
The agreement is the first step towards further technical, economic and financial negotiations that will form the foundations of a joint venture between Rusal and the Venezuelan government for future bauxite extraction, alumina, aluminium and alloy production projects.


By the end of this year, two parties are intending to prepare a preliminary financial, technical and economic assessment for the project before embarking on a joint venture.


Corporacion Venezolana de Guayana is a state company attached to the ministry of planning and development, and works to study and take an inventory of the resources of the Guyana region before exploitation and development of the region takes place.