THE world’s largest aluminium producer, Rusal , was this weekend putting the finishing touches to $4.5 billion (£2.3 billion) fundraising that should allow it to buy a 20% stake in Norilsk Nickel.

The move will be a significant step towards the creation of a Russian metals and mining group on the scale of industry majors such as BHP Billiton and Vale. Norilsk is the world’s largest producer of nickel.

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