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Russia's Renova to mine manganese in S.Africa

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  • pbs@iafrica.com
    From: WWW.AfricanCrisis.Org [Not bad... The Russians enjoying some of the fruits of the world s Mineral Storehouse they were after... Jan] MOSCOW (Reuters) -
    Message 1 of 1 , Feb 1, 2005
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      From: WWW.AfricanCrisis.Org
      [Not bad... The Russians enjoying some of the fruits of the world's
      Mineral Storehouse they were after... Jan]

      MOSCOW (Reuters) - Industrial group giant Renova, controlled by Russian
      tycoon Viktor Vekselberg, formed a joint venture with a South African
      firm to jointly mine manganese there, Russia's natural resources ministry
      said on Tuesday.

      It said in a statement officials from Renova and a company identified as
      Pitsa Ya Setshaba Holdings had signed a memorandum at a meeting in
      Moscow.

      The two companies will start working on the project, which involves both
      exploration and extraction, once the South African government approves
      the deal.

      The mininstry gave no other details. Manganese is a key element in steel
      production.

      Last July, Renova set up a company in South Africa to invest in mining
      projects.

      Renova, established just months before the 1991 Soviet collapse, is an
      investment house controlling Russia's second-biggest aluminium producer,
      SUAL.

      Vekselberg also co-heads TNK-BP, a Russian joint venture of Britain's BP
      and one of the country's biggest oil firms.

      Source: Reuters
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      http://www.reuters.co.za/locales/c_newsArticle.jsp?type=businessNews&localeKey=en_ZA&storyID=7498322
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