United Co. Rusal’s billionaire owner Oleg Deripaska said the age of huge diversified miners that can afford to lose billions of dollars on minerals like aluminum is over as investors seek focused businesses with rational output.
Readers of ThinkRussia.com could be forgiven for believing BMX biking, advances in nanotechnology, and the opening of a Russian pancake house in New York are the biggest headlines from the ex-Soviet state.
Russian President Vladimir Putin plans to open the door to Chinese money as U.S. and European sanctions over Ukraine threaten to tip the economy into recession, according to two senior government officials.
OAO GMK Norilsk Nickel’s billionaire owners have allowed management to carry out a $6.5 billion investment plan by 2015 without asking for preliminary approvals, Chief Executive Officer Vladimir Potanin said.
United Co. Rusal , the world’s largest aluminum producer, said an exchange-traded fund for the metal is set to start as early as next month, offering support after lower prices forced smelters globally to shut.
Alexander Voloshin , who was ousted as chairman of OAO GMK Norilsk Nickel last week following a disputed board election, will be reinstated at the next meeting of the company’s investors, United Co. Rusal said.