East Siberian Metals Corporation Says No to Magnesium Plant

Rus Business News reported that East Siberian Metals Corp has passed on an opportunity to build a new magnesium plant.

As quoted in the market report:

East Siberian Metals Corporation (MBC – a subsidiary of IFC Metropol) has declined to take part in the construction of a magnesium plant in the Sverdlovsk region. The official reason was the sale of a controlling stake in the Urals enterprise to U.S. citizen Mark Lisnyansky, bypassing this investor. But the unofficial motive was the departure of Rusnano from the Russian Magnesium project, which would have guaranteed public funding. Experts told this columnist for RusBusinessNews that Anatoly Chubais’s destructive stance has sealed the fate of high-tech manufacturing.

To view the whole Rus Business News Report, click here.