Rusal Said to Sound Out Buyers for Its Jamaica and Guyana Assets

Russian aluminum giant RUSAL is reportedly sounding out potential buyers for its bauxite and alumina operations in Jamaica and Guyana. This move is aimed at shielding these foreign assets from the expanding threat of US and EU sanctions against its controlling shareholder, Oleg Deripaska, and also from the possibility of renationalization by the Russian government.

In Jamaica, RUSAL owns Windalco, a significant alumina producer. Prime Minister Andrew Holness has publicly stated that these assets are "safe" despite Deripaska being under sanctions related to the war in Ukraine. The Jamaican government previously offloaded its remaining 7% stake in Windalco to RUSAL in 2014 for $11 million, partially offsetting a $21 million debt to the company. Jamaica conducts substantial trade with Russia, largely involving bauxite and alumina, with figures reaching approximately $68 million in 2020 and $45 million from January to October 2021.

In Guyana, RUSAL operates the Bauxite Company of Guyana Inc. (BCGI), which suspended operations in February 2021 due to labor unrest and property damage. However, the Guyanese government announced in early 2026 that RUSAL would resume operations in the Berbice River, with a two-year extension on its agreement to restart the Aroaima mine, targeting production toward the end of 2027. RUSAL had expressed interest in recommencing operations, but also cited challenges such as labor issues, the need for significant investment to restore the flooded mine, and concerns about the competitiveness of Guyanese bauxite on the world market. RUSAL holds a 90% stake in BCGI, with the Guyanese government owning the remaining 10%.

This potential divestment strategy highlights RUSAL's efforts to mitigate geopolitical risks and maintain the viability of its international operations. The company had previously sold its Alumina Partners of Jamaica (Alpart) refinery to China's Jiuquan Iron & Steel (Group) Co. Ltd. (JISCO) for $299 million in 2016, a move aimed at optimizing its assets and reducing debt, which indicates a precedent for divesting non-core or at-risk foreign holdings.