Billionaire Alisher Usmanov put down 25 percent of his iron ore producer OAO Metalloinvest as collateral on a loan used to buy 5 percent in OAO GMK Norilsk Nickel (GMKN), Renaissance Capital said.
OAO Sberbank, Russia’s biggest lender, provided the loan, Rob Edwards, head of metals and mining research at Moscow-based RenCap, said today in a note to investors without citing the source of the information. Usmanov owns 50 percent of the iron ore producer.
A Metalloinvest spokesman declined to confirm or deny the report, asking not to be identified in line with company policy.
Norilsk is Russia’s biggest mining company.
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