<article>Russian state enterprise <a style="color: #000080;" href="http://rostec.ru/en/" target="_blank">Rostec</a> has sold its 49 per cent stake in joint ventures Erdenet and Mongolrostsvetmet to its Mongolian partner, Mongolian Copper Corporation.</article>

Russian state enterprise <a style="color: #000080;" href="http://rostec.ru/en/" target="_blank">Rostec</a> has sold its 49 per cent stake in joint ventures Erdenet and Mongolrostsvetmet to its Mongolian partner, Mongolian Copper Corporation.
While the transaction value is unspecified, a Rostec spokeperson has termed it &#8220;the largest in the history of Rostec one-time receipt of funds.&#8221; Earlier, Bloomberg reported that Rostec would be receiving a consideration of $500 million from the sale of its Mongolian assets.
Mongolrostsvetmet supplies Russia with fluorspar concentrate for the aluminium and chemical industries, as well as iron and steel.
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The Rostec decision to monetise its stake in the joint Russian-Mongolian mining enterprises is seemingly aimed at both unlocking shareholder value with the consolidated profits of both in 2015 reported to be $4.6 million.
Erdenet in Mongolia is the largest producer of copper raw materials. The raw material base of the enterprise is the Erdenet ore-bearing area, which includes several fields. Reported reserves amount to about 6 million tons of copper and 170 thousand tons of molybdenum.
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Rostec has sold its stake in Erdenet and Mongolrostsvetmet for a consideration estimated at $500 million

Russia: Rostec sells 49% stake in JVs to Mongolian partner in $500m deal

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Russia: Rostec sells 49% stake in JVs to Mongolian partner in $500m deal

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