Friday, January 27, 2006
Norilsk Nickel and Rio Tinto create joint venture for projects in Far East and Eastern Siberia
Norilsk Nickel and Rio Tinto have agreed on creating a joint venture for developing mineral reserves in Russia, Vedomosti and The Moscow Times reported. The signing of an agreement was confirmed by Rinat Gizatulin, the spokesperson of Russian Natural Reserves Ministry, quoted in Vedomosti. He stated that the JV will explore precious metals and iron ore reserves in the Far East and Eastern Siberia.
Norilsk Nickel, the listed world nickel and palladium leader and Rio Tinto, the world's third largest miner, did not comment on the deal, the papers noted. One source close to Interros company, which controls Norilsk, stated that Rio Tinto will take 49% and Norilsk will take 51% stake in the venture.
Quoted in MT, Rio Tinto general director, Leigh Clifford suggested that his company sees large opportunities in Russia.
Norilsk had revenues of USD 3.44bn in H1 2005, Vedomosti reported, citing no specific sources. The controlling stake in Norilsk belongs to its general director, Mikhail Prokhorov and Vladimir Potanin, the president of Interros.
Source Vedomosti, The Moscow Times
Value USD 3,440m (Norilsk revenues in H1 2005)
Norilsk Nickel, the listed world nickel and palladium leader and Rio Tinto, the world's third largest miner, did not comment on the deal, the papers noted. One source close to Interros company, which controls Norilsk, stated that Rio Tinto will take 49% and Norilsk will take 51% stake in the venture.
Quoted in MT, Rio Tinto general director, Leigh Clifford suggested that his company sees large opportunities in Russia.
Norilsk had revenues of USD 3.44bn in H1 2005, Vedomosti reported, citing no specific sources. The controlling stake in Norilsk belongs to its general director, Mikhail Prokhorov and Vladimir Potanin, the president of Interros.
Source Vedomosti, The Moscow Times
Value USD 3,440m (Norilsk revenues in H1 2005)
