DOHA (Sputnik) – Ecuador plans to begin the construction of an aluminium plant integrated in the hydroelectric plant on the Santiago River in June 2024, the Ecuadorian Foreign Trade and Investment Minister Pablo Campana said during a visit to Qatar.
“At the end of March, we intend to invite various companies, including Russia’s Rusal, to Ecuador to discuss this project, the construction of which requires investments worth of $1.9 billion. We will launch this project by June 2024,” Campana told reporters on Sunday.
The integrated project includes the aluminium plant and the Santiago hydroelectric power plant. It is planned that electricity will be exported to the Latin American market after ensuring the production of primary aluminium.
Rusal, Russia’s aluminium giant, is a leading global aluminium producer, which employs over 61,000 people in 20 countries across five continents, in 2017, Rusal accounted for roughly 5.8 percent of global aluminium production. The company recently announced a 3.6-percent rise in last year’s earnings after ending the year with $1,222 billion in net profit.