"Of Glencore" is ready to invest in "TALCO"

Despite the fact that the shareholders of the company «RUSAL» set certain restrictions on the acquisition of core assets, the trader «of Glencore», which owns 8.75%, expressed willingness to invest in the improvement and development of «TALCO» (Tajik Aluminum Company). The «Rusal» has for a long time makes efforts to debt collection with «Talco» in the amount of 274 million. USD. Do not rule out the possibility that the payment of this debt the company «Glencore» will be one of the conditions for investment. In preliminary talks, Emomali Rahmon, President of Tajikistan, and Andrew Kaplan, the head of «Glencore AG» discussed the possibility of joint work in the field of manufacturing, processing and sales of aluminum. Today, «TALCO» is the only enterprise in Tajikistan, which produces lightweight metal. The production company's annual capacity is over 500 thousand tons, but last year the volume of production was equal to 216.4 thousand. Tons, while the loss amounted to 40 million. USD.

Teamwork «Rusal» and «TALCO» began in 2003, while in the «Rusal» plans was to obtain a controlling stake. The problem turned out to be impossible, and in 2004 the partnership disintegrated altogether, then in 2005 the company moved into the sphere of relations of lawsuits and litigation. Ultimately, international commercial arbitration in Switzerland ordered the repayment of «TALCO» in favor of «Rusal» amount of $ 274.3 million. USD. The counterclaim of «Talco» demanding payment of «RUSAL» 400 mln. USD was rejected.

Leaders interested companies declined to comment, «RUSAL» continues to remain silent about the situation in relation to debt collection «TALCO». According to some reports the company searches for structures «TALCO» able to pay the debt, which as of October last year stood at 362 million. USD, which put «TALCO» on the edge of bankruptcy. Representatives of «TALCO», however, insist on the reduction of the debt to the level of 287 million USD and its ability to stabilize the financial situation -. However, government support will be needed for this company. Regardless of assurances «TALCO» production continues non-stop decline, reaching the level of 61 thousand. Tonnes of aluminum smelting in the first six months of this year.