United Company Rusal announced a partnership with one of China’s main power companies on Monday that could give the Russian aluminium company a stake in the fast-growing Chinese metals industry.

UC Rusal, controlled by Oleg Deripaska, abandoned plans for a London IPO last year and has since been looking at listing in Hong Kong. The group said it had signed a memorandum of understanding with China Power Investment Corporation to develop jointly an aluminium smelter in western China and a bauxite-alumina complex in Guinea, west Africa.