OAO Rusnano purchases a controlling interest of Russky Magny factory

OAO Rusnano will acquire a controlling interest of Russky Magny factory, which construction is going to begin in the city of Asbest (Sverdlovskaya Province) in Q’4 2011, as reported by Alexander Petrov, the Minister for Industry and Science, to RIA Novosti.

The factory project is now under development and includes a unique mining operations technology which cost is estimated at 865 mln roubles.

“Rusnano is going to be the leading shareholder with a controlling interest. Today the company signed the agreement of entering the authorized capital stock and investing some 6 bln roubles” – A. Petrov commented during a press-conference.

He also added, that the share package of the Swiss company Minmet Financing was reduced from 50% to 25% plus one share, the packages of Sverdlovskaya Province and OAO Uralasbest – from 25% to 4,76% for each participant.

According to the Minister, Vnesheconombank will enter the project from Stage 2 that will begin in Q’4 2011, and will share with Rusnano the controlling interest.

“Since 6 bln roubles is not enough for building the factory – only for the initial stage – we will carry out additional investment with IPO exit or attracting new investors, issuing bonds” – A. Pentov said.