Putin SA visit highlights mineral ties

Gold, diamond ties were kept up even in Soviet times
Putin SA visit highlights mineral ties

SOUTH AFRICA President Thabo Mbeki met with Russian President Vladimir Putin at the G8 Summit in St. Petersburg. South African President Thabo Mbeki will host his Russian counterpart, President Vladimir Putin, during the first ever state visit by a Russian head of state to South Africa in nearly 30 years,from September 5-6, in Cape Town, according to the South African department of foreign affairs.

Bilateral relations between the two countries expanded significantly under the umbrella of the Intergovernmental Trade and Economic Committee (ITEC), with substantive action taken in the strategic minerals and energy sectors.

In March 2003, the Russian Federation adopted a decree, following South Africas recognition of Russia as a market economy in support of their World Tade Organization (WTO) membership, to include South Africa in a list of developing countries that would enjoy preferential trade tariffs and duties with regard to exports to Russia. In March 2004, the Russian company, Norilsk Nickel bought 98.5 million common shares, or 20 per cent of the South African gold producer Gold Fields for $1.16 billion. Norilsk Nickel is now the worlds largest producer of the nickel and palladium group of metals.

SOUTH AFRICA President Thabo Mbeki Russian President Vladimir Putin G8 Summit St. Petersburg Russian Federation decree South Africas recognition of Russia support of World Tade Organization (WTO) membership include South Africa in list countries enjoy preferential trade tariffs


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