The Live Wire



Press Release

Norilsk Nickel and Rio Tinto announce the creation of RioNor Exploration

Tuesday, 25 April 2006

Norilsk Nickel, Russia’s largest mining company, and Rio Tinto, one of the world’s largest mining companies, today announced the creation of RioNor Exploration, a joint exploration and development company in Russia.

RioNor Exploration is a limited liability company registered in Russia, owned 51 per cent by Norilsk Nickel and 49 per cent by Rio Tinto. Its headquarters will be located in Moscow.

At the first meeting of the board of directors, Maxim Finsky of the Norilsk Nickel group was nominated as chairman of the board of directors, and Bruno Hegner of the Rio Tinto Group was nominated as the general director of RioNor Exploration.

Initial efforts of the company will concentrate on exploration opportunities in the southern regions of the Siberian and Far-Eastern Federal Districts of Russia.

Maxim Finsky, chairman of RioNor Exploration and deputy general director of Norilsk Nickel, said: “Rio Tinto and Norilsk Nickel have made another step forward in developing our cooperation. Now we have in place the vehicle which will enable the joint venture to explore the opportunities available in the targeted areas. We are progressing well in setting up necessary business processes and building the organization and exploration team”. He commented that the work programmes for the first stage of the cooperation project activity are already under way.

Earlier this year the companies signed a co-operation protocol in the Ministry of Natural Resources, followed by an agreement that established the formal terms governing their joint venture. The exploration and development company was created in accordance with the signed agreement.



Press releases, papers and documents published on this page are the intellectual property of an organisation unrelated to Central Lobby. We promote their parliamentary and political campaigning activities as they are subscribers to the Central Lobby service.

As such, Central Lobby does not edit, endorse, or attempt to balance the opinions expressed on this page. The content of press releases and other such types of content are the responsibility of the originating organisation.

More from Dods

© Dods Parliamentary Communications Ltd