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VSMPO-Avisma Signs Accord to Set Up Titanium Venture in Vietnam

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July 30 (Bloomberg) -- OAO VSMPO-Avisma Corp., the largest titanium producer, signed a memorandum of understanding with Vietnam National Coal-Mineral Industries to develop output in the Southeast Asian nation.

The companies are interested in setting up a joint venture to make titanium products, VSMPO-Avisma said in a statement on its website today. The terms of the deal will be discussed once Vinacomin, as the Vietnamese mining company is known, gets a license to develop titanium minerals in Binh Thuan province, the Russian metals company said.

The signing was attended by Vietnamese President Truong Tan Sang, who is visiting Moscow, according to the statement.

To contact the reporter on this story: Yuliya Fedorinova in Moscow at yfedorinova@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

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