It agreed a deal with Shenzhen owner China North Industries Corporation (Norinco), a company which specialises in aluminium, alloys and other non-ferrous metals.

Rusal said the acquisition means it can take an active part in the strategic and operational management of Shenzhen North Investments.

The completion of the share purchase is due to occur before 31 January 2012 and is subject to a number of conditions precedent.

Rusal can nominate two representatives onto the Shenzhen North board, one of whom would be appointed as chairman of Shenzhen North Investments’ Board of Directors.