UPDATE: Chinese consortium buys 13% in Russia’s Bystrinsky smelter
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MOSCOW, Jul 21 (PRIME) -- A consortium of Chinese companies Highland Fund has acquired a 13.33% stake in Bystrinsky GOK ore mining and dressing plant from Russian metals giant Norilsk Nickel, the Russian company said in a statement on Thursday.
The payment has been made after the deal was cleared by the Russian government’s commission for foreign investment control in June. The sum of the agreement was earlier said to be U.S. $100 million, and Norilsk Nickel said that the entire Bystrinsky GOK was appraised at $650 million for the deal.
In March, Norilsk Nickel CEO Vladimir Potanin said the company may sell up to 20% in the project to Chinese investors.
The ore dresser, whose projected capacity will stand at more than 65,000 tonnes of copper per year, will be launched in 2017, and Chinese firms are expected to become consumers of the plant’s main production, copper concentrate.
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