LONDON and MOSCOW - One of the world's major producers of aluminum, copper, diamonds, energy products, gold, industrial minerals and iron ore, RIO TINTO, is joining forces with Russia's largest nickel producer, NORILSK NICKEL, to form a new company, RIONOR EXPLORATION.
RioNor will be owned 51% by Norilsk and 49% by Rio Tinto. The new company will make its headquarters in Moscow. Maxim Finsky, deputy general director or Norilsk, was named chairman of RioNor. The creation of RioNor follows a co-operation protocol signed earlier this year between the Russian Ministry of Natural Resources and the companies.
RioNor will concentrate its initial exploration efforts in the southern regions of the Siberian and Far-Eastern Federal Districts of Russia.