VSMPO-AVISMA and Vinacomin to invest $250 million in a joint project

29.11.2012 — News

SVERDLOVSK REGION

The VSMPO-AVISMA Corporation, OJSC and the Vietnamese company Vinacomin (Vietnam National Coal-Mineral Industries) plan to invest $250 million (USD) in a joint project.

This joint venture will have a projected capacity of at least 20 thousand tons of titanium sponge and be located in the Vietnamese province of Binh Thuan. In June, 2012, the companies signed a memorandum regarding the processing of titanium into products with higher added value.

The corporation's general director, Mikhail Voevodin, told RusBusinessNews that the parameters of the joint venture are still under discussion, but that VSMPO-AVISMA would own at least 50% plus one share.

Vinacomin is currently awaiting a license to mine titanium minerals.