STEEL producer Evraz has acquired a majority stake in a Russian iron ore project for 4.95bn roubles (£104m), it said this morning.
The FTSE-listed firm, which is partly controlled by Chelsea soccer club owner Roman Abramovich, has acquired a 51 per cent stake in the Timir project.
State-run diamond miner Alrosa will own the remaining 49 per cent holding.
Timir, in the southern part of Yakutia in Russia, has a total mineral resource base of 3.5bn tonnes, according to Evraz.
Evraz chief executive Alexander Frolov said the realisation of the Timir project marked an “important milestone” for the company’s strategy.