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Russia's Severstal and mining giant Anglo-American announce base metals alliance

Russia's Severstal and mining giant Anglo-American announce base metals alliance

Mining giant Anglo-American and Russian steelmaker OAO Severstal signed a deal Thursday to jointly tap Russia's mineral riches, forming an alliance that will explore deposits of nickel, copper and zinc.
The companies said in a statement they will initially focus on exploring the Karelia and Murmansk regions in Northern Russia, with the eventual intention of developing deposits elsewhere in Russia.
"We strongly believe in Russia's prospects in minerals exploration and development," said Roman Deniskin, head of mining division at Severstal.
Severstal spokesman Sergei Loktionov said that the cooperation agreement signed Thursday did not stipulate a specific timeline nor did it indicate possible levels of investment.
Severstal is one of Russia's largest steel makers and has iron ore and coking coal mining divisions.
Earlier this year the company attempted to merge with Arcelor SA before losing out to rival Mittal Steel Co. NV. Arcelor shareholders voted down the merger on June 30, clearing away a major hurdle to Mittal's bid to form a steel titan with nearly 10 percent of global production.


Updated : 2021-07-25 08:59 GMT+08:00