Evraz Acquires Majority Stake in Timir Iron Ore Project

  • Wednesday, April 3, 2013
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  • Keywords:iron ore,steel
[Fellow]STEEL producer Evraz has acquired a majority stake
[Ferro-alloys.com]STEEL producer Evraz has acquired a majority stake in a Russian iron ore project for 4.95bn roubles (￡104m), it said this morning.
 
The FTSE-listed firm, which is partly controlled by Chelsea soccer club owner Roman Abramovich, has acquired a 51 per cent stake in the Timir project.
 
State-run diamond miner Alrosa will own the remaining 49 per cent holding.
 
Timir, in the southern part of Yakutia in Russia, has a total mineral resource base of 3.5bn tonnes, according to Evraz.
 
Evraz chief executive Alexander Frolov said the realization of the Timir project marked an “important milestone” for the company’s strategy.
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