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    Russia set to become global leader in mining and metals sector

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    Metalloinvest and Interros financial holding are proposing that billionaire Viktor Vekselberg's Renova join forces to create a major mining and metals company, Metalloinvest's owner Alisher Usmanov said on Tuesday.

    MOSCOW, June 24 (RIA Novosti) - Metalloinvest and Interros financial holding are proposing that billionaire Viktor Vekselberg's Renova join forces to create a major mining and metals company, Metalloinvest's owner Alisher Usmanov said on Tuesday.

    Usmanov who owns Metalloinvest, a leading Russian mining and ferrous metals company, and Vladimir Potanin, the owner of Interros, signed a memorandum late in May on joint investment in the mining and metals industry in Russia and abroad with the prospect of creating a global leader in the sector.

    "We declared that we would like to attempt to create the largest independent mining and metals holding and have invited BasEl [Basic Element, a leading Russian industrial holding] and Vekselberg," Usmanov told reporters.

    Renova is a stakeholder and strategic investor in leading Russian stand-alone and holding companies in the metallurgical, oil, machine engineering, mining, chemical, construction, housing, utilities and financial sectors.

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