Baisarov buys 20% of Russian Copper Co
MOSCOW. Feb 17 (Interfax) - Ruslan Baisarov has bought a 20% stake in No. 3 Russian copper producer Russian Copper Company (RCC), the company said in a statement.
Baisarov will join RCC's board of directors, it said.
Baisarov told Interfax that he had bought the 20% as a strategic investment. "The company has interesting upstream and metallurgical assets and is constantly developing its industrial base. It has demonstrated confident growth for all key indicators for many years and certainly holds strong investment appeal, especially with its plans to develop and the market situation taken into consideration," he said.
Baisarov declined to say how much the deal cost on confidentiality grounds. RCC also declined to name a price. But a source said with knowledge of the transaction told Interfax that Baisarov paid around $500 million for the stake.
RCC, established by Igor Altushkin in 2004, is a vertically integrated company with six upstream and four downstream units in Russia and Kazakhstan and he capacity to produce 200,000 tonnes of copper cathodes and 200,000 tonnes of wire rod per year. Altushkin's First Capital owns 80% of RCC.