A consortium of sovereign wealth funds including Russian Direct Investment Fund, the Russia-China Investment Fund, and a Middle Eastern sovereign wealth fund has acquired a 9.53% stake in Intergeo, a Russian mining company from Onexim group for $100m. The Group’s investment will promote further growth in the Company's business, including the development of the Kingash and Ak-Sug polymetallic deposits, located in the Krasnoyarsk Territory and the Tyva Republic in Russia respectively. They have significant reserves of copper, nickel and a number of other non-ferrous metals. In particular, Kingash is the second-largest nickel deposit in Russia, while Ak-Sug is one of Russia’s top-5 in terms of copper reserves. "We are implementing a very ambitious project - creating, from scratch, the largest mining enterprise in modern Russia, focused on a new, rapidly developing segment of non-ferrous metallurgy, the production of battery metals. The project includes the design and construction of two of the world’s largest ore mining and processing plants in underdeveloped regions of Russia. This will not only create a new industry leader but is also a major economic development for our regions. We are confident that the arrival of new partners will allow us to realize our greatest ambitions both in the Russian and the promising Asian markets," Dmitry Privalov, Intergeo CEO.