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. Last Updated: 07/27/2016

Usmanov Plans Global Iron Ore Giant

Tycoon Alisher Usmanov said in an interview published on Tuesday that he plans to form a major iron ore company on the basis of five ore mining and concentrating plants in Russia, Kazakhstan and Ukraine.

"We want to create a single, consolidated company which could talk with world consumers on equal terms and set its own prices on raw materials," Usmanov told Vedomosti in an interview.

Usmanov said he and his partners had sent a proposal to form the new major to the governments of the three countries.

Russian media reported earlier this month that Usmanov and his partners, who together control Russia's Mikhailovsky GOK, were in talks with shareholders of Kazakhstan's No.1 iron ore producer, Sokolov-Sarbai, and the Kazakh government on merging assets.

Usmanov told Vedomosti he wanted Russia's No.1 iron ore concentrating plant, Lebedinsky GOK, which he co-owns, as well as Ukraine's Yuzhny and Inguletsky GOKs, to join the new company.