Norilsk In Talks With Rio, BHP Over Future Of JVs
04.03.10, 09:57 Uhr
MOSCOW -(Dow Jones)- Russian's OAO Norilsk Nickel (GMKN.RS) is in talks with both Rio Tinto Ltd. (RTP) and BHP Billiton Ltd (BHP.AU) about the future of the pair's exploration joint ventures, a spokeswoman for Norilsk said Thursday.
"We are in talks with both companies, and considering different options, including a possible breakup (of the joint venture agreements)," the spokeswoman told Dow Jones Newswires. "However, no decision has been made yet, and we continue the dialogue," she added.
Both joint ventures date back to 2006. Rio and Norilsk established a Moscow-based joint venture company called RioNor Exploration to chase exploration opportunities in southern Siberia and the Far-Eastern districts of Russia. BHP Billiton meanwhile struck a joint venture over the Syradasaiskoye coal exploration project in the Arctic.
A Rio Tinto spokesman confirmed the miner is in discussions with Norilsk.
"Rio Tinto and Norilsk Nickel are in discussions on the future of the joint venture, which currently remains in place," a Rio Tinto spokesman said.
Earlier Thursday, Norilsk Deputy Chief Executive Oleg Pivovarchuk told Bloomberg the Russian mining giant is exiting the joint venture as it has enough of its own local concerns.
Pivovarchuk also said Norilsk is reviewing the joint venture with BHP Billiton.
A spokeswoman for BHP Billiton declined to comment.
Both joint ventures date back to 2006. Rio and Norilsk established a Moscow-based joint venture company called RioNor Exploration to chase exploration opportunities in southern Siberia and the Far-Eastern districts of Russia. BHP Billiton meanwhile struck a joint venture over the Syradasaiskoye coal exploration project in the Arctic.
A Rio Tinto spokesman confirmed the miner is in discussions with Norilsk.
"Rio Tinto and Norilsk Nickel are in discussions on the future of the joint venture, which currently remains in place," a Rio Tinto spokesman said.
Earlier Thursday, Norilsk Deputy Chief Executive Oleg Pivovarchuk told Bloomberg the Russian mining giant is exiting the joint venture as it has enough of its own local concerns.
Pivovarchuk also said Norilsk is reviewing the joint venture with BHP Billiton.
A spokeswoman for BHP Billiton declined to comment.
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