19 January 2012, Deputy General Director of East-Siberian Metals Corporation S.N. Garichev took part in a meeting of the Board of Directors of OJSC Russian Magnesium. At the meeting, it was decided to enter into an agency agreement between East-Siberian Metals Corporation (MBC) and OJSC Russian Magnesium, under which Russian Magnesium is to grant MBC the authority to arrange Vnesheconombank credit facility in the amount of 13 billion roubles.
Also, it was agreed that after signing the agency agreement, which is to take place no later than 30 January this year, an MBC representative will take the position of Deputy General Director of Russian Magnesium.
Besides, it is expected that no later than on 20 February 2012, MBC Corporation will set forth the conditions under which it will be prepared to take the position of the sole executive body of Russian Magnesium.
At present, Swiss firm Minmet Financing Company, Uralasbest enterprise and the Administration of Sverdlovsk Region are key shareholders of Russian Magnesium.