Rusnano to Sell Part Stake in Russky Quartz
- The Moscow Times
- Oct. 04 2013 17:30
- Last edited 17:33
State corporation Rusnano will sell part of its stake in Russky Quartz to the project's new strategic investor, Japan's Sumitomo Corporation, a news report said Friday.
The share constitutes 16.13 percent of the mineral processing company's total stock, RIA Novosti reported.
Russky Quartz, the owner of the Kyshtymsky ore processing plant, produces high purity quartz concentrate used in several hi-tech industries. It is the main component for manufacturing single-crystalline silicon used in microelectronics and solar-power systems.
In 2011, Rusnano began financing the modernization at Russky Quartz, having commissioned the first stage of a new ore processing line.
Sumitomo's participation in the project is expected to help bring Russky Quartz's production to full capacity.