alim_atenbek

By Maria Kolesnikova

April 17 - United Co. Rusal, the world's largest aluminum producer, agreed to sell a 50 percent stake in two coal mines in Kazakhstan for $345 million to Samruk Holding.

The transaction will be completed by September, Rusal said in an e-mailed statement today.

Rusal agreed in November to transfer 50 percent of the Bogatyr and Severny coalfields to Kazakhstan's state-owned Samruk and for both companies to jointly develop the projects.

Rusal, the world's largest aluminum producer, agreed to the joint venture after it wasn't able to obtain Kazakhstan's permission to take control of the assets. Bogatyr, which accounts for about 45 percent of Kazakh coal output, was previously owned by billionaire Rusal investors Viktor Vekselberg and Leonard Blavatnik and acquired by Rusal following its purchase of rival aluminum maker OAO Sual Group.

Rusal and Samruk plan to boost production at Bogatyr and Severny by 42 percent to 60 million tons a year and sell coal in Kazakhstan and Russia.

Kazakhstan has the world's eighth-biggest reserves of coal.