Press Releases

Source : Dow Jones

Dow Jones: Origo-Trafigura JV

 

07 Nov 2011 08:17 GMT DJ Origo Partners Forms Mongolia Joint Venture With Trafigura

LONDON (Dow Jones)-Origo Partners PLC (OPP.LN), a Beijing-based, natural resources-focused private equity investment company, said Monday it has formed a 50-50 joint venture with global commodities trader Trafigura Group to invest in Mongolian coal and iron ore.

The joint venture will be called Trafigura-Origo MGL and will invest in a number of already-identified iron ore and coal exploration projects in Mongolia, with the objective of targeting further high-grade deposits with the potential for significant export volumes.

The companies have also agreed to consider expanding the scope of the joint venture into other countries in the region, such as Kazakhstan and Russia, and to cover all commodities.

The joint venture will be jointly managed by Luke Leslie, head of Mongolia and mining investments at Origo, and Mikhail Zeldovich, head of Russia/CIS and Mongolia at Trafigura.

Trafigura-Origo MGL’s board will also include Chris Rynning, chief executive of Origo, and Chris Cox, a director at Trafigura.

Origo shares closed Friday at 33.5 pence.
-By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; [email protected]