Rio Tinto, Norilsk set up JV (January 27, 2006)

Early details are sketchy, but Rio Tinto (RTP-N, RIO-L, RIO-A) and Norilsk Nickel (NILSY-O) have signed a cooperatin agreement covering exploration and development in Russia.

Under the agreement a joint-venture company in which Norilsk will own a 51% interest will be formed. It will hold properties in Siberia and in the Russian Far East.

Rio and Norilsk spokesmen were not available for comment at presstime.