Interfax cited Mr Igor Sechin Deputy Prime Minister of Russia as saying that United Company RUSAL will mine bauxite and produce aluminum in Venezuela. He said that 'Cooperation in the mining industry is growing. RUSAL will be implementing projects to mine bauxite and produce aluminum.'
RUSAL identified Venezuela as potentially interesting market years ago. In September 2007 it signed a letter of intent with Corporacion Venezolana de Guayana to study opportunities to develop the materials and aluminum projects. The document provides for studying the technical, economic and financial aspects of a joint venture that might be created to implement mutually beneficial projects in bauxite mining and production of alumina, aluminum and alloys.
Corporacion Venezolana de Guayana is a state corporation attached to the Planning and Development Ministry. The corporation's operations are aimed at studying and inventorying the resources of Guayana in order to enable their rational use and development. As a regional development agency, CVG concentrates its efforts on attracting domestic and foreign investment and in developing national industry and defense of the nation's natural resources.