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Russian fund, partners to acquire 9.53% stake in Onexim's mining unit

The Russian Direct Investment Fund completed a joint deal with the Russia-China Investment Fund and a Middle Eastern sovereign wealth fund to acquire a 9.53% stake in The ONEXIM Group's mining company, Intergeo MMC Ltd.

This forms part of an investment cooperation RDIF and the Chinese Investment Corp. initiated in 2014 to promote cross-border investment projects.

The investment will promote the growth of Russia's Ak-Sug copper deposit and the Kingash nickel deposit, the second-largest nickel deposit in the country, according to a March 14 release.

Total investments to develop and build infrastructure are expected to exceed 178 billion Russian rubles.

The planned annual capacity of the mining and processing plant at Kingash is 520,000 tonnes of copper-nickel concentrate. Production is expected to begin in 2024.

The planned annual capacity of the Ak-Sug plant is 500,000 tonnes of copper concentrate, and production is expected to start in 2023.

The investors plan to nominate Alexander Khloponin and Lev Kuznetsov as their representative on the company's board of directors.

As of March 14, US$1 was equivalent to 65.49 Russian rubles.