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14

Russian, Australian Mining Companies Created JV to Explore New Mineral Resources

The companies yesterday signed a co-operation protocol in the Ministry of Natural Resources

Russian metals giant Norilsk Nickel, and Australia's Rio Tinto, the third world?s largest mining company, today announced the launch of an exploration and development joint venture in Russia.

The companies yesterday signed a co-operation protocol in the Ministry of Natural Resources.

The agreement provides for the establishment of a joint venture exploration and development company, owned 51 per cent by Norilsk Nickel and 49 per cent by Rio Tinto. Initial exploration efforts will concentrate on opportunities in the Siberian and Far-Eastern Federal Districts of Russia.

?The aim of the joint venture will be to create a viable economic model of cooperation to accelerate and enhance exploration for new mineral resources in Russia, thereby promoting the mineral wealth and economic development of the regions.?