28 Jan 2010 18:57

En+Magnesium leaves shareholders of Solikamsk Magnesium Plant

PERM. Jan 28 (Interfax) - The company En+Magnesium Ltd. has become a former shareholder in Perm-region OJSC Solikamsk Magnesium Plant , having held a 38.9% stake, the company said.

The new owner of the stake is Nigolouto Holdings Ltd. The Solikamsk plant learned of the change in shareholders on January 27.

In 2005, RusAl, which is now joined with SUAL and Glencore in UC RusAl, bought over 38% of the stock in Solikamsk Magnesium Plant, including the stake held by Swiss company Minmet Financing Company, which owned 32%, and another 5.5% from the company FTK. After the creation in spring 207 of the unified company Russian Aluminum all projects associated with magnesium were run by the Base Element structure En+.

Solikamsk Magnesium Plant exports almost 100% of its rare-earth products and associated tantalum and around 60% of produced niobium, magnesium, and alloys.

According to the list of affiliated entities as of December 31, 2009, LLC Silvinit-Transport owns 24.99% of the Solikamsk plant's shares.