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17 Sep, 2010 12:03

Severstal buys into Intex Resources

Russian steelmaker, Severstal, has bought a 22% stake in Norway’s Intex Resources, through its subsidiary Lybica Holding, in a deal estimated to be worth $12.5 million.

Severstal will gain access to the $2.5 billion Mindoro nickel deposit in the Philippines, which Intex operates

Severstal mining head of strategy, Boris Granovsky said that the deal was a part of the general plan to move into a broader range of commodities.

"The acquisition of the stake in Intex Resources ASA is part of our diversification strategy into new commodities".