RAK Minerals buys Armenian firm - Emirates24|7

RAK Minerals buys Armenian firm


United Arab Emirates government-linked firm RAK Minerals and Metals Investments (RMMI) said on Wednesday it is buying an Armenian mining firm for $200 million (Dh734m).


The acquisition of TSCC Armenia covers three mining complexes across north and south Armenia, and includes copper and polymetallic minerals.

"This acquisition in Armenia is a significant step in extending RMMI geographical spread equitably and establishes our foothold in eastern Europe," said Madhu Koneru, managing director of RMMI.


The Middle Eastern mining firm is a 50-50 joint venture between RAK Investment Authority and Trimex Group, an independent minerals firm.  (Reuters)