MOSCOW, May 15 (RIA Novosti) - Renova, a leading Russian asset management company, said Tuesday it intends to invest $1 billion in a manganese deposit in South Africa.
Renova, a stakeholder and strategic investor of leading Russian companies in the metals, oil, engineering, mining and other sectors, has completed a feasibility study for the deposit's construction, Renova head Viktor Vekselberg said but declined to name the manganese field.
The deposit's construction will begin this year, with initial investment of $150-200 million, Vekselberg said.
Also in 2007, Renova will launch a feasibility study for the construction of a manganese processing facility, Vekselberg said.
