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".