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Posted: Jun 16, 2011

RUSNANO Signs Shareholders' Agreement for Polar Quartz Project

(Nanowerk News) RUSNANO, Corporation Ural Industrial Ural Polar, and Khanty-Mansiysk Autonomous Okrug have signed a shareholders' agreement for the Polar Quartz project. Signing took place as part of first day of the St. Petersburg World Economic Forum.
RUSNANO CEO Anatoly Chubais, Khanty-Mansiysk Governor Natalya Komarova, Corporation Ural Industrial Ural Polar General Director Alexander Beletskiy, and Khanty-Mansiysk Bank Deputy Chairman of the Management Board Alexander Smirnov, signed the agreement on behalf of their organizations.
The shareholders' agreement regulates the rights and relationships between shareholders of Polar Quartz for realization of a production project. The document was prescribed in the investment agreement that RUSNANO, Corporation Ural Industrial Ural Polar, Khanty-Mansiysk Autonomous Okrug, and Polar Quartz signed on April 22, 2011.
The Polar Quartz project will establish a vertically integrated production complex for quartz micro- and nanopowder and ultrapure quartz concentrate. These products are in high demand from several sectors, including the nanoelectronics, optoelectronics, lighting, and chemical industries.
RUSNANO is investing 1.29 billion rubles in the Polar Quartz project. In 2016 the project is expected to produce 10,200 tons of highly processed quartz products. Polar Quartz's sales in 2015 are forecast at 2.0 billion rubles.
Polar Quartz produces ultrapure quartz concentrates at a field of gangue quartz in the Nether-Polar Urals. The company was founded in 2000 as a state unitary enterprise. On December 4, 2003, it was transformed into open joint-stock company Plar Quartz. The company holds licenses to three extensive fields of ultrapure quartz in Nether-Polar Urals: Dodo, Nester-Shor, and Khus-Oika.
RUSNANO was established in March 2011 as an open joint-stock company through reorganization of state corporation Russian Corporation of Nanotechnologies. RUSNANO's mission is to develop the Russian nanotechnology industry through co-investment in nanotechnology projects with substantial economic potential or social benefit. The Government of the Russian Federation owns 100 percent of the shares in RUSNANO. Anatoly Chubais is CEO and chairman of the Executive Board of RUSNANO.
Work to establish nanotechnology infrastructure and training for nanotechnology specialists, formerly conducted by the Russian Corporation of Nanotechnologies, has been entrusted to the Fund for Infrastructure and Educational Programs, a non-commercial fund also established through reorganization of the Russian Corporation of Nanotechnologies.
Source: RUSNANO (press release)
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