MOSCOW, April 25 (RIA Novosti) - Russian metals giant Norilsk Nickel and British-Australian mining major Rio Tinto have established a joint prospecting and project-development venture, a NorNickel news release said Tuesday.
RioNor Geologorazvedka is a joint-stock company registered in Russia in which NorNickel has a 51% stake and Rio Tinto holds 49%.
"Rio Tinto and Norilsk Nickel have taken yet another step forward in developing their cooperation," said Maxim Finsky, chairman of the RioNor Board of Directors. "A new mechanism has been put in place that will enable the joint venture to better study target regions."
He said that the company's initial efforts would be focused on geological surveying in Southern Siberia and the Far East Federal District.
Norilsk Nickel is the world's largest producer of nickel and palladium and a leading producer of platinum, copper and cobalt. Rio Tinto is one of the world's leading minerals companies, with market capitalization of about $78 billion.
Previous reports had said Norilsk Nickel and Rio Tinto had signed a protocol on cooperation and then an agreement on the establishment of a joint venture.
