Chinese, Russian companies ink memo on mining, metals and machine building
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 22.07.2010 |
China's North Industries Corp. (Norinco) and Oleg Deripaska, the owner of Russian companies the En+ Group and the Basic Element Group, signed Thursday a memorandum for cooperation in mining, metals development, and machine building.
Under the memorandum, Norinco will cooperate with Strikeforce Mining and Resources (SMR), which is controlled by the En+ Group, to develop multi-metals projects in Russia and other countries.
Meanwhile, Norinco and Russian Machines, a subsidiary of the Basic Element Group, will cooperate in the machine building sector.
Norinco mainly deals in petroleum and mineral resources development, international engineering contracting, and optronic products.
The En+ Group, mainly engaged in the businesses of mining, metals and energy, owns a 47.59-percent stake in the world's largest alumina and electrolytic aluminum producer United Co. Rusal, while the Basic Element Group is a diversified investment corporation.
Oleg Deripaska was top of the list of Russia's richest men drawn up by Forbes in 2008.
Earlier, Oleg Deripaska and Norinco signed a contract on supplying the latter 1.68 million metric tons (tonnes) electrolytic aluminum in November 2009.
GMT
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