Rus News Journal

Has conceded on friendship

Rusal will receive for half of coal actives in Kazakhstan all 345 million dollars

Rusal it was defined with the price on which he will sell to the Kazakh state holding Samruk 50 - a percentage share in the coal-mining actives in Kazakhstan. According to estimation Deutsche Bank, the aluminium company will receive 345 million dollars Thus, the bank has estimated all joint ventures less than in 700 million dollars Experts are extremely surprised to the so low price - they are assured that market cost belonging Rusal the Kazakh coal enterprises makes not less than 2 mlrd dollars

Coal cuts the Athlete and Northern (the Pavlodar area) are the largest in Kazakhstan, their total industrial stocks make from above 4,5 mlrd t coal. Annually on them it is extracted about 42 million t production (45 % from all coal extracted in republic).

About that Rusal will share the coal actives in Kazakhstan with local state holding Samruk it became known in November, 2007. Then the companies have signed the agreement on joint venture creation on coal mining on the Ekibastuzsky coal deposit largest in republic. The joint venture will be created on an equal footing, two cuts will enter into it - the Athlete and Northern which UC Rusal has received from Access Industries during association of actives Rusala SUAL and Glencore. In exchange Itself - hands should pay to Russians the money resources corresponding to cost 50 - a percentage share in the joint venture.

also the sum of indemnification - according to message Rusal yesterday became known, it will make 345 million dollars Cost of the given share holding has been defined Deutsche Bank during detailed audit and an active estimation - it is told in a press - release of the Russian company. Representative UC Rusal has informed daily that it is an estimation of the recognised independent appraiser, and in the company it consider fair . The representative Samruka Murat Buldekbaev has told daily that the agreement between the companies has been signed on Wednesday, on April, 16th. It defines not only the price, but also some principles of cooperation of the companies.

meanwhile participants of the market consider the price of the transaction seriously underestimated. According to an analyst JuniKredit Aton Marata Gabitova, proceeding only from volumes of output the Athlete and Northern a share Samruka in the joint venture costs not less than 2 mlrd dollars If to be guided by stocks the price for 50 % can reach to 4,5 mlrd dollars - he marks.

however, experts are assured that the price in this transaction not main - after all partnership with Samrukom it will allow Rusal to be fixed in the perspective Kazakh market. The head of department of the economic analysis and consulting of the Euroasian bank of development Evgenie Vinokurov notices that recently the government of Kazakhstan has seriously strengthened positions Samruka . In this context of the joint venture with the Kazakhstan party it can help Rusal to be fixed in the country and to do business in more comfortable conditions - he adds. As the parties consider possibility of use of the joint venture for creation in the country of power generating capacities as bases for the future metallurgical manufacture.

meanwhile the source daily, familiar with a situation, does not exclude that finally school desks - nerom Rusal on the joint venture there can be copper holding Kazakhmys. As he said, Samruk wants to receive in this company to 15 % of actions, and the share in the joint venture with Rusal can just become one of variants of payment of a package. The source specifies that market cost of 15 % of actions Kazakhmys makes nearby 2,3-2,5 mlrd dollars That approximately sootvet - stvuet to the fair price of half of joint venture for Ekibastuz. It reminds that recently Kazakhmys has agreed with the American corporation AES about purchase of the Ekibastuzsky state district power station and a coal cut of Majkuben (both are in the Pavlodar area) for 1,5 mlrd dollars In Samruke on this theme do not make comments.

earlier general director UC Rusal Alexander Bulygin declared that within 5-7 years joint venture capitalisation will grow to 5 mlrd dollars In this connection one of participants of the market specifies that if now, taking into account a rise in prices for coal, Deutsche Bank estimates the company in 700 million dollars growth to 5 mlrd the dollars within several years are impossible. it only testifies that itself Rusal estimates the joint venture much more expensively - he speaks.