Russian Tycoons Set to Create Mining Giant

Two Russian metal tycoons are teaming up with aluminium giant Rusal to create a world mining and metals leader, it was announced today.

Tycoons Vladimir Potanin and Alisher Usmanov have agreed to swap assets, inviting the owner of Rusal to join them, writes Reuters. According to the news agency, Potanin and Usmanov aim to create a global leader in the sector in the next five years with investments estimated at $50bn to $60bn.

Rusal is currently bidding to win control of metals company Norilsk, the world's top Nickel producer.

Rusal has not commented on the proposal.

By staff writer