[BREAKING: Rostec 'agrees' to sell 49% stakes in Erdenet, Mongolrostsvetment to TDB for $500m]

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Tuesday, June 28, 2016

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Rostec Said to Agree $500m Sale of Copper, Gold JVs to Mongolia

By Andrey Lemeshko

June 28 (Bloomberg) -- Rostec agreed to sell its 49% stakes in copper mining co. Erdenet and in gold, iron ore producer Mongolrostsvetment to unit of Trade & Development Bank of
Mongolia, 2 people familiar w/ situation say, asking not to be identified before official announcement.

* Rostec may get total $500m from sales; Russian govt approved deals

* Rostec’s press service declined to comment; representative of Trade & Development Bank of Mongolia didn’t comment immediately

* NOTE: Metals cos. are JVs between Russia and Mongolia; Erdenet produces up to 530k tons of copper concentrate/yr

(BFW)

 

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