Rosatom targets mining asset outside core business

As reported in business daily Kommersant on 22 October 2012, state-controlled nuclear power holding Rosatom has expressed an interest in acquiring First Mining Company from Summa Capital through subsidiary Atomenergoprom. First Mining Company owns a licence to a pig iron and zinc deposit. However, it was unable to acquire the necessary mining licence from the Ministry of Defence for the deposit owing to its location within the borders of the Central Test Site of the Russian Federation.

As noted in the article, while Rosatom should be able to leverage ties owing to its role in the nuclear power sector, it remains unclear why it would want to focus on a business far removed from its core area of expertise.

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