UC RUSAL and ONEKSIM to set up major mining and metallurgical enterprise in Russia

UC RUSAL and ONEKSIM Group signed an agreement regarding the acquisition of 25% and one share of Norilsk Nickel that currently belong to ONEKSIM, whereas ONEKSIM is going to get 11% of UC RUSALís shares and some financial remuneration. Besides, ONEKSIM is going to become one of UC RUSALís BOD members, UC RUSALís press officer said to UrBC.

'We see this as a strategically important deal that will serve as a springboard for the creation of a diversified mining and metallurgical corporation in Russia. UC RUSAL has already used its competitive advantages to build a powerful platform that further growth and development (that is, in the field of extracting raw materials and metal fabrication) can be based upon. This country is extremely rich in natural resources, so a Russian leaderís transformation into a global giant is only logical,í says UC RUSALís GD Alexander Bulygin.

'This transaction means a lot for Russia and Russian mining and metallurgical industry. UC RUSAL and Norilsk Nickelís prospective merger will lead to the emergence of Russiaís greatest mining and metallurgical enterprise and of a global leader on aluminum, nickel, copper, platinum, and palladium market. Setting up a company like this is desirable for both parties involved; besides, the idea complies with our investment value multiple growth strategy,í ONEKSIM Groupís GD Dmitriy Razumov notes.

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