Pavel Ovchinnikov told a news conference the investment will help produce an extra 2 million tons a year, or some 18% of the 11.3 million metric tons produced in 2006.
"Our basic plan in the alumina division is to meet 100% of our plants' needs for bauxites by producing them ourselves," Ovchinnikov said. "We currently meet 70% of all our bauxite needs," he added.
United Company RusAL, established in March 2007 through a merger of Russian aluminum giants RusAl and SUAL and Swiss Glencore's alumina assets, accounts for 12% and 15% of the global aluminum and alumina markets, respectively.
Ovchinnikov also said the company considered building alumina plants in Brazil and Vietnam. "These are the most interesting and attractive countries for us in terms of alumina production, but we are not going to reveal details on these projects before any documents are signed," he said.
