Alrosa Board Approves Evraz Buying 51% of Timir Unit

The board of OAO Alrosa, Russia’s diamond mining monopoly, approved the sale of 51 percent of its Timir iron-ore unit to Evraz Plc, the steelmaker part-owned by billionaire Roman Abramovich.

The board also agreed to sell one share in the project to VEB, Russia’s state-development bank, the diamond producer said today in a regulatory filing. Alrosa will retain the right to nominate Timir’s chief financial officer.

VEB will have the right of first refusal if Alrosa or Evraz seek to sell their stakes, according to the filing.

(Corrects to 51 percent in headline, first paragraph.)
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