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The Supervisory Board of RHI AG recently announced it has granted the Managing Board approval to sign agreements with Cihan Group for the purchase of magnesite mining rights in Erzurum, Turkey, including existing production facilities, pending the provision of outstanding documents by the seller.
The expected purchase price is approximately €36 million (~ $47.8 million). The purchase would reportedly serve to further expand the company’s own supply of raw materials for refractory products for the steel and cement industry.
For more information, visit www.rhi-ag.com.