Investor Presentaiton
En+
GROUP
BUSINESS REVIEW
En+ Group Annual Report 2021
STRATEGIC REPORT
CORPORATE GOVERNANCE
67.8 m
worldwide supply of
primary aluminium
increased by 3.9% y-o-y
The Company
owns
11
aluminium smelters
Operational performance
Aluminium
RUSAL owns eleven¹ aluminium smelters,
which are located in three countries:
Russia (nine plants), Sweden (one plant)
and Nigeria (one plant). The Company's
core asset base is located in Siberia,
Russia and accounts for approximately
93% of the Company's aluminium
output in 2021. Among those, BrAZ and
KrAZ together account for more than
half of RUSAL's aluminium production.
The Company also owns an 85% stake
in a smelter located in Nigeria.
During 2021, RUSAL continued to
implement the comprehensive programme
designed to control costs and optimise
the production process to strengthen the
Company's position as one of the world's
most cost-efficient aluminium producers.
The Group's primary aluminium
production for the year ended
31 December 2021 was stable as
compared to the previous year and
totalled 3,764 kt. In line with its strategy,
the Group continued to grow the share
of VAPS in total sales. During 2021, VAP
sales increased 18.1% y-o-y to 2,034 kt,
with VAP share in total sales mix at
52%, compared to 44% in 2020.
Alumina
The Group owns nine² alumina refineries
as of the end of 2021. RUSAL's alumina
refineries are located in six countries:
Ireland (one plant), Jamaica (two plants,
one legal entity), Ukraine (one plant),
Italy (one plant), Russia (four plants),
and Guinea (one plant). In addition, the
Company holds a 20% equity stake in QAL,
an alumina refinery located in Australia.
The Company's long position in
alumina capacity secures sufficient
supply for existing production and the
prospective expansion of the Company's
aluminium production capacity, and
allows the Company to take advantage
of favourable market conditions
through third-party alumina sales.
RUSAL's total attributable alumina
output increased 1.5% y-o-y to 8,304 kt
in 2021 due to PGLZ becoming a part
of RUSAL and being in operation for
the entire reporting period, an increase
in production capacities at Nikolaev
Alumina Refinery, and normalisation
of production processes at Achinsk
Alumina Refinery, Urals Alumina
Refinery and Queensland Alumina.
The Company operates
7
bauxite mines
Bauxites and nephelines
Bauxites and nephelines are key raw
materials for alumina production. In 2021,
the Group was approximately 77% self-
sufficient in bauxites and nephelines.
Bauxites
The Group operates seven bauxite mines.
RUSAL's bauxite mines are located in four
countries: Russia (two mines), Jamaica
(one mine), Guyana (one mine), and
Guinea (three mines). The Company's
long position in bauxite capacity helps
secure sufficient supply for existing
operations and the prospective expansion
of the Company's alumina production
capacity. In addition, the Group sells low
volumes of bauxite to third parties.
The Group's total attributable bauxite
output was 15,031 kt in 2021, as compared
to 14,838 kt in 2020. An increase in
mining of own bauxites occurred due
to the increased demand of end-
users. The most notable increase in
bauxite mining volumes occurred at
the Friguia and Dian-Dian mines.
Nephelines
RUSAL's nepheline syenite
production was 4,390 kt in 2021,
as compared to 4,599 kt in 2020.
The reduction in mining volumes by
4.6% occurred due to the need to stabilise
the quality of ore shipped to the plant.
Aluminium production (kt)
Alumina production (kt)³
Bauxite production (kt)²
Nepheline mines (Achinsk) (kt Wet)
1.863
5,679
7,489
о
3,507
133
1,878
448 1,769
3,053 414
2021
15,031
2021
4,390
2021
124
3,764
2021
742 8,304
1,752 5,570
7,435
81
3,499
139
1,883
523 1,725
2,873 439
2020
14,838
2020
4,599
2020
117
3,755
2020
740
8,182
1,856 5,574
7,205
1,412
In 2021, VAP sales increased
3,495
142
1,893
461 1,690
2,755 368
2019
16,047
2019
4,244
2019
120
3,757
2019
691
7,858
18.1%
y-o-y
32
Russia (Siberia)
Other countries
Russia (other than Siberia)
Ireland
Jamaical
Ukraine
Russia
Guinea
Australia (JV)
Aluminium operation is mothballed at the Alscon smelter, located in Nigeria.
2
Alumina operation is mothballed at the Eurallumina, located in Italy.
Pro-rata share of production attributable to the Group.
Jamaica
Russia
Guinea
Guyana
2
FINANCIAL STATEMENTS
APPENDICES
Bauxite output data was:
⚫ Calculated based on a pro-rata share of the Company's ownership in the corresponding bauxite mines
and mining complexes. The total production of the Company's fully consolidated subsidiary, Bauxite
Company of Guyana Inc., is included in the production figures, notwithstanding that minority interests
in each of these subsidiaries are held by third parties
⚫ Reported as wet weight (including moisture)
Pro-rata share of production attributable to the Group.
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