Russian billionaire Oleg Deripaska's companies En+ Group and Basic Element have signed a memorandum of understanding (MoU) with China North Industries Corporation (Norinco), an enterprise group engaged in both products and capital operation, for cooperation in mining and metallurgical projects and in vehicle production.
Accordingly, En+ and Norinco have agreed to enter into negotiations on cooperation in the joint development of various metals and mining projects in Russia and other countries with a view to meeting growing demand for commodities in the Asian markets. As a pilot project, the parties have agreed to jointly look at exploration opportunities with En+'s subsidiary company Strickeforce Mining and Resources, the key operations of which include ore mining and processing, and ferromolybdenum production.
In addition, the Russian and Chinese parties intend to consider the possibilities of cooperation with Russian Machines Corporation, a subsidiary of Basic Element, in the machinery construction industry.