Mukhamedshin – who oversaw Rusal’s $16.6 billion 2009 debt restructuring and its 2010 IPO – concedes that raising capital via the stock exchange is clearly “not yet an option in the current market environment”, even if Rusal is the world’s largest aluminium company by production (95% of which is in Russia).
Oleg Deripaska, Rusal’s billionaire chief executive and controlling shareholder, agreed a deal in December with other shareholders in Russia-based Norilsk Nickel, whereby Norilsk Nickel is expected to pay annual dividends of $3 billion for 2013 and 2014 and 50% of ebitda thereafter.
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