Renova may build refinery in China

Ekaterinburg non-ferrous metal working plant (EZOTsM), belonging to the Renova group of Viktor Vekselberg, has planned to establish a refinery in China. It is expected that the production volume will make up 10 tons per year, a minimum amount of investment is estimated at $10 million. With the acquisition of Czech Safina at the end of 2014, Renova received 40% in the same production in China, but EZOTsMe intends to develop the project independently, although it doesn’t rule out the involvement of Asian investors.

Ekaterinburg non-ferrous metal working plant (96% are owned by Renova) may create a subsidiary in China, the chairman of the Board and co-owner of the plant (4% of shares) Sergei Medvedev told the Kommersant. According to him, he talks about production of final refining and finished products of the platinum group, the annual volumes are planned to be 10 tons per year. "Chinese consumers insist on location of the production nearby and smooth delivery. If the revenue grows to the necessary extent, we will be ready to develop the project and register a company in China," - said Mr. Medvedev. According to the Kommersant’s information, now the company has contracts with consumers in China for up to $3 million, and the project will be prepared, when the sale volumes reach $10-15 million per year.