Thursday, 24 July 2008
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RAK Minerals Buys Armenian Firm
13:14 Yerevan | 9:14 GMT | Thursday 10 April
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.
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