25th Apr 2006 12:28
Rio Tinto PLC25 April 2006 Norilsk Nickel and Rio Tinto announce the creation of RioNor Exploration Norilsk Nickel, Russia's largest mining company, and Rio Tinto, one of theworld's largest mining companies, today announced the creation of RioNorExploration, a joint exploration and development company in Russia. RioNor Exploration is a limited liability company registered in Russia, owned 51per cent by Norilsk Nickel and 49 per cent by Rio Tinto. Its headquarters willbe located in Moscow. At the first meeting of the board of directors, Maxim Finsky of the NorilskNickel group was nominated as chairman of the board of directors, and BrunoHegner of the Rio Tinto Group was nominated as the general director of RioNorExploration. Initial efforts of the company will concentrate on exploration opportunities inthe southern regions of the Siberian and Far-Eastern Federal Districts ofRussia. Maxim Finsky, chairman of RioNor Exploration and deputy general director ofNorilsk Nickel, said: "Rio Tinto and Norilsk Nickel have made another stepforward in developing our cooperation. Now we have in place the vehicle whichwill enable the joint venture to explore the opportunities available in thetargeted areas. We are progressing well in setting up necessary businessprocesses and building the organization and exploration team". He commented thatthe work programmes for the first stage of the cooperation project activity arealready under way. Earlier this year the companies signed a co-operation protocol in the Ministryof Natural Resources, followed by an agreement that established the formal termsgoverning their joint venture. The exploration and development company wascreated in accordance with the signed agreement. Background notes to editors Norilsk Nickel MMC Norilsk Nickel is the world's largest producer of nickel and palladium, anda major producer of platinum, copper and cobalt. MMC Norilsk Nickel is listed onseveral Russian exchanges (MICEX, RTS, GMKN), ADRs are traded over the counterin New York (NILSY US), London (MNOD LI) and Berlin (NNIA GR). Rio Tinto Rio Tinto is one of the world's leading mining groups, with a marketcapitalisation of about US $78 billion. Major products include aluminium,copper, diamonds, energy products, gold, industrial minerals (borates, titaniumdioxide, salt and talc) and iron ore. It is listed on both the London andAustralian stock exchanges and has an ADR listing on the New York StockExchange. For further information, please contact: LONDON AUSTRALIA Media Relations Media RelationsNick Cobban Ian HeadOffice: +44 (0) 20 7753 2305 Office: +61 (0) 3 9283 3620Mobile: +44 (0) 7920 041 003 Mobile: +61 (0) 408 360 101Investor Relations Investor Relations Nigel Jones Dave SkinnerOffice: +44 (0) 20 7753 2401 Office: +61 (0) 3 9283 3628Mobile: +44 (0) 7917 227 365 Mobile: +61 (0) 408 335 309 David Ovington Susie CreswellOffice: +44 (0) 20 7753 2326 Office: +61 (0) 3 9283 3639Mobile: +44 (0) 7920 010 978 Mobile: +61 (0) 418 933 792 Website: www.riotinto.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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