In accordance with the memorandum, signed on September 6, 2007 in Jakarta during the official visit of the President of Russian Federation Vladimir Putin to Indonesia, UC RUSAL and ANTAM have agreed to construct the complex across bauxite deposits located in West Kalimantan

UC RUSAL will hold 51% stake in the new JV, with ANTAM holding the remaining 49%. During September 2007 the JV partners will form a working group which, with the help of an independent appraiser, will have to both confirm bauxite reserves of the two selected deposits and complete documentation required for the JV establishment. Based on the working group findings the JV partners expect to draft the project’s preliminary technical and economic assessment in 2008.

Commenting on the memorandum Alexander Bulygin, CEO of UC RUSAL said: “Asia is one of the most dynamic and fastest growing markets in the world and Indonesia is an attractive country for business development due to the favorable investment climate. I am confident that UC RUSAL’s partnership with ANTAM will not only facilitate the introduction of state-of-the-art production facilities but will also strength UC RUSAL’s position in the region and substantially expand our raw-material base”.

Overall project budget to be defined within the financial assessment is expected to be completed in 2009. It is expected that construction of the plant will commence in 2009 and the first alumina output is scheduled for 2011.

Moreover, UC RUSAL and ANTAM plan to study opportunities for cooperation’s expansion in electric power and aluminium production.

About UC RUSAL
United Company RUSAL (www.rusal.com) is the global leader in the aluminium industry, accounting for approximately 12.5% and 16% of global production of aluminium and alumina respectively. The company was founded in March 2007 through the merger of RUSAL, SUAL, and the alumina assets of Glencore. United Company RUSAL employs 100,000 people in 19 countries, across 5 continents.

About ANTAM
ANTAM is an Indonesian, vertically-integrated and diversified mining and metal company that has been discovering, excavating, processing, refining and marketing to around the world since 1968.  The company is 35% held by the public and listed on The Jakarta Stock Exchange and Australian Stock Exchange.