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Aricom Wins State Support
Federal-run Rosoboronexport has set into motion a new direction of titanium business. In partnership with Britain’s Aricom, the state agent for weapons export intends to launch the titanium dioxide production in Russia. Aricom will secure the resource base for it, while the firms of Rosoboronexport will help obtain valuable production technology, which Russia doesn’t have yet.
It emerged yesterday that Aricom Plc, a subsidiary of Britain’s Peter Hambro Mining, and Rosoboronexport-controlled Oboronimpex sealed a cooperation agreement. The parties will cooperate in implementing the projects for production of titanium, molybdenum, wolfram, tantalum and in developing the manufacturing technologies for titanium.
The companies will begin by setting up a committee to be chaired by Oboronimpex General Director Mikhail Shelkov, while Aricom CEO Pavel Maslovsky will be his deputy.
Mikhail Shelkov has been also appointed vice BOD chairman at Peter Hambro Mining Asset Management Co., the subsidiary of Peter Hambro Mining.
Pavel Maslovsky and Peter Hambro founded Aricom in 2003 to implement plans related to titanium dioxide production. The key projects of the company cover titanium ore deposits in the Amur region (100 percent in Kuranakh deposit and 49 percent in Bolshoy Seyim deposit).
Oboronimpex emerged in 2001 set up by Rosoboronexport (75 percent) and Vneshekonombank (25 percent). In 2006, Oboronimpex became the asset management company for VSMPO-Avisma Corp, where Rosoboronexport controls 65.8 percent.
www.kommersant.com
All the Article in Russian as of Sep. 18, 2007
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