Oleg Deripaska companies and Norinco announce the signing of MoU on strategic cooperation
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 22.07.2010 |
MOU signed by CEO of En+ Group and Basic Element Oleg Deripaska and president of NORINCO Zhao Gang outlines the cooperation in mining and metallurgical projects and vehicle production. This MOU extended the cooperation between Oleg Deripaska companies and Norinco which was initiated by RUSAL in November 2009 by signing the agreement to supply of 1.68 mln tones of aluminium.
Mining and metallurgical projects:
En+ and Norinco have agreed to enter into negotiations on cooperation in the joint development of various metals and mining projects in Russia and other countries with a view of meeting a growing demand for commodities in Asian markets. As a pilot project the parties have agreed to jointly look at the exploration opportunities with "Strickeforce Mining and Resources" (SMR, controlled by En+) company.
Vehicle production:
The parties intend to consider the possibilities of cooperation with Russian Machines Corporation, a subsidiary of Basic Element (BEC), in machinery construction industry.
"We are delighted to extend our long - term cooperation with NORINCO as a partner in a wide range of new projects that could strengthen the ties between Russia and China and contribute to social development of Eastern Siberia " - commented Oleg Deripaska.
"The cooperation between NORINCO and EN+ and Basic Element could combine the advantages of two countries's enterprises, which also fully reflects the strategic partnership of two countries," - commented Mr. Zhao Gang.
About companies
Basic Element (https://hkgmail.fd.com/exchweb/bin/redir.asp?URL=https://owa.ecom-it.ru/exchweb/bin/redir.asp?URL=https://owa.ecom-it.ru/exchweb/bin/redir.asp?URL=https://hkgmail.fd.com/exchweb/bin/redir.asp?URL=http://www.basel.ru/) is Russia's leading diversified investment company.
Basic Element through its affiliates owns significant stakes in and operates dozens of companies in a broad spectrum of economic sectors. Many of them play key roles in their respective market segments in Russia and internationally. About 250,000 people work at the Group's companies in Russia, the CIS, Africa, Australia, Asia, Europe and Latin America.
The Russian Machines corporation was established in 2005 to unite Basic Element's Manufacturing Sector assets. Russian Machines is a diversified corporation, with industrial and engineering assets in sectors like automotive, automobile components, railway engineering, aircraft building, road construction machinery and equipment for the armed forces.
En+ Group (https://hkgmail.fd.com/exchweb/bin/redir.asp?URL=http://www.enplus.ru/) is Russia-based diversified mining, metals and energy group. En+ Group holds a 47.59% stake in the world's largest alumina and aluminium producer UC RUSAL, 100% stake in EuroSibEnergo PLC (one of the world's largest hydro generation companies and largest Russian independent power producer), 100% in SMR (one of the world's largest ferromolybdenum producer). En+ Group has a project pipeline including projects in coal and uranium mining, nuclear, aluminium downstream etc. The core base of En+'s businesses is located in Eastern Siberia - close to fast growing Asian markets.
NORINCO
China North Industries Corporation (NORINCO) is an enterprise group engaged in both products and capital operation, integrated with R&D, manufacturing, marketing, and services. NORINCO mainly deals with defense products, petroleum & mineral resources development, international engineering contracting, optronic products, civilian explosives & chemical products, sports arms & equipment, vehicles and logistics operation, etc.
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