Is Akhmetov's Corum Group moving to China?

by Editor • 04.02.2015 • 0 Comments

The publication "Capital" reports that Ukraine's largest manufacturer of mining equipment, Corum Group, formerly known as "Mining Machines" and part of Rinat Akhmetov's SCM, has registered a subsidiary in China.

It plans to launch joint production with the Chinese corporation Shan XI TZ Coal Mine Whole-Set. Corum Group CEO Evgeny Romashchin announced at a briefing on February 4 that the company plans to sign contracts for several mechanized underground mining systems in the first half of the year. The total order value could exceed $15 million.

It was also reported that in May 2014, Corum Group and the Chinese corporation Shan XI TZ Coal Mine Whole-Set Equipment signed a memorandum of understanding to establish a joint venture. The new company will manufacture equipment for underground coal mining in thin seams.

It is also known that, according to the agreement, Corum Group will own a controlling stake in the joint venture.

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