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)