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Norilsk Nickel and Rio Tinto announce exploration and development joint venture in Russia

27 January 2006

Norilsk Nickel, Russia’s largest mining and metallurgical company, and Rio Tinto, one of the world’s largest international mining companies, today announced the launch of an exploration and development joint venture in Russia.

The companies signed a co-operation protocol in the Ministry of Natural Resources. The agreement establishing the formal terms governing the joint venture was signed today. The agreement entails 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.

Rio Tinto chief executive, Leigh Clifford, said: “Rio Tinto has increased its exploration and development activity in Russia over the last few years, and we are now delighted to enter into this agreement with a partner of the stature of Norilsk Nickel. The establishment of this joint venture breaks new ground for the mining industry. Combining the skills and resources of Norilsk Nickel and Rio Tinto will provide an unrivalled platform for exploration and development of mineral deposits in Russia.

“We are pleased that by expanding our long term commitment towards exploration in Russia, Rio Tinto will play a significant role in developing the country’s resource base.”

Norilsk Nickel chief executive, Mikhail Prokhorov, said: “Norilsk Nickel continues to focus on growing and diversifying its resource base and on gaining exposure to international best practices. Entering into this agreement with Rio Tinto will bring together the knowledge and expertise of two leading mining companies to promote exploration in Russia. This country’s mineral wealth remains untapped in many areas across many minerals, and we will pursue the development of new discoveries and known deposits with the potential for significant capital investment and attractive financial returns.

“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.”



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