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UES and RUSAL have signed an agreement on the conditions of their partnership on the Boguchanskaya energy and metals complex project.

The project is estimated to cost around US$4bn and will involve a 3,000MW hydro-power plant, aluminium smelter producing 600,000 tonnes of aluminium per year and associated infrastructure. The project should take about seven years to complete.

A final partnership agreement is expected to be signed in the first quarter of 2006.