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IRC Limited closed the deal with RFPI and Chinese investment fund China Invesment Corporation on the sale of OOO Rubicon
The iron ore company IRC Limited (part of the Petropavlovsk Group of Companies - Petropavlovsk Plc), registered in Hong Kong and producing in Russia, has closed a deal with RDIF and the Chinese investment fund China Invesment Corporation to sell Rubicon LLC for 174 million rubles ($ 3,9 million ), says the IRC post.
Rubicon is a customer for the construction of a railway bridge across the Amur River on the border of the Russian Federation and the People's Republic of China. IRC proposed the construction of a bridge in 2006, at the same time the Rubicon subsidiary of IRC was founded.
The construction of the bridge is expected to begin in the 2015 year, and completion in the 2017 year.
Under the terms of the agreement, IRC will receive guaranteed supply of products across the bridge in the amount of 3,2 million tons per year or 30% of the capacity of the bridge.
In May, Kirill Dmitriev, director of the RDIF, said that the construction of the first bridge across the Amur River between Russia and China would begin in the coming months and be completed before 2016.
A memorandum on investment in the construction of a transboundary Russian-Chinese railway bridge, 2,2 km in length, across the Amur River in the Far East was signed following the talks between the leaders of Russia and China in May in Shanghai. “This is the first bridge between Russia and China, now there are no bridges between our countries at all: neither automobile nor railway,” said Dmitriev.
According to him, the bridge will shorten the route for Russian goods shipped to China, for 700 kilometers, and also “will allow Russian exports to be greatly increased.” “The bridge will allow 21 million tons of cargo to be exported to China every year,” he said.
The Russian-Chinese investment fund created by the RDIF and the China Investment Corporation (CIC) will invest about $ 400 million in the construction of the bridge. The project will also take part in the Development Fund for the Far East and the Baikal Region.
The IRC company was separated from Petropavlovsk in 2010 for the implementation of a project to create a mining and metallurgical cluster in the Amur region, which Petropavlovsk leads from 2003 of the year.