20
January
2012
East-Siberian Metals Corporation and OJSC Russian Magnesium are going to enter into an agency agreement for strategic funding for the construction of a magnesium plant
19 January 2012, Deputy General Director of
East-Siberian Metals Corporation S.N. Garichev took part in a
meeting of the Board of Directors of OJSC Russian Magnesium. At the
meeting, it was decided to enter into an agency agreement between
East-Siberian Metals Corporation (MBC) and OJSC Russian Magnesium,
under which Russian Magnesium is to grant MBC the authority to
arrange Vnesheconombank credit facility in the amount of 13 billion
roubles.
Also, it was agreed that after signing the agency agreement, which
is to take place no later than 30 January this year, an MBC
representative will take the position of Deputy General Director of
Russian Magnesium.
Besides, it is expected that no later than on 20 February 2012, MBC
Corporation will set forth the conditions under which it will be
prepared to take the position of the sole executive body of Russian
Magnesium.
At present, Swiss firm Minmet Financing Company, Uralasbest
enterprise and the Administration of Sverdlovsk Region are key
shareholders of Russian Magnesium.
