RAK MINERALS BUYS ARMENIAN FIRM
Emirates Business 24/7
April 9 2008
United Arab Emirates
United Arab Emirates government-linked firm RAK Minerals and Metals
Investments (RMMI) said on Wednesday it is buying an Armenian mining
firm for $200 million (Dh734m).
The acquisition of TSCC Armenia covers three mining complexes across
north and south Armenia, and includes copper and polymetallic minerals.
"This acquisition in Armenia is a significant step in extending RMMI
geographical spread equitably and establishes our foothold in eastern
Europe," said Madhu Koneru, managing director of RMMI.
The Middle Eastern mining firm is a 50-50 joint venture between RAK
Investment Authority and Trimex Group, an independent minerals firm.