Russian corporate barons move to take over nickel, chrome mine operation
Chelsea's billionaire owner Roman Abramovich has emerged as a bidder for London-quoted Oriel Resources in a carve-up deal with another two of Russia's richest and best-connected corporate barons.
Oriel, run by another Russian, emigre Sergey Kurzin, mines for nickel and chromium in Kazakhstan. It today admitted it is in talks about a reverse takeover and asked for a suspension of its shares, up 34p at 37 1/2p valuing the company at 75 million.
Reports from Moscow talked of plans to put Oriel's assets together with the ferro-chrome interests of tycoon Alexander Nesis and Alexander Mamut, another ultra-wealthy Russian, political fixer and close friend of Abramovich. It is understood part of the new entity would be sold on to Abramovich, who recently acquired a major stake in Russian steel giant Evraz.
Oriel had profits of 2.2 million last year but analysts believe its underdeveloped Shevchenko nickel and Voshkod chrome mines are potentially worth hundreds of millions of pounds supplying the European stainless steel industry.
