OREANDA-NEWS. July 09, 2010. UC RUSAL, (HKSE: 486, Euronext: RUSAL/RUAL), the world’s largest aluminium producer and owner of 25% shares of MMC Norilsk Nickel, intends to submit a request to convene an extraordinary general meeting of MMC Norilsk Nickel by 20 July.

The results of the annual general meeting of Norilsk Nickel that was held on 28 June, particularly the outcome of the elections to the Board of Directors, breached corporate governance procedures, the principles of transparency and the observance of the interests of all shareholders. To reverse these shortcomings and ensure the interests of all shareholders are protected, RUSAL intends to convene an extraordinary general meeting and will submit the relevant request by 20 July. The EGM will therefore take place, in accordance with the relevant legislation, in October 2010 after the end of the summer holiday period, so that the majority of shareholders will be able to participate.

RUSAL’s request to convene an EGM aims at restoring the balance of interests of all shareholders, which will lead to improved efficiency of the management of MMC Norilsk Nickel and increased shareholder value. We expect that this initiative will be supported by Interros, which has agreed with RUSAL to cooperate in respect to MMC Norilsk Nickel.

In addition, RUSAL has written to Norilsk Nickel to formally request that Norilsk Nickel provides, in accordance with the legislation, the actual voting papers from the annual general meeting elections. RUSAL intends to undertake a rigorous inspection of the ballots and, if necessary, will call upon independent experts to examine the papers. If this exercise reveals violations, RUSAL intends to file a lawsuit to uphold its interests as a shareholder.