Mechel reveals acquisition target

Russian mining and metals company Mechel has revealed its interest in acquiring Oriel Resources, a London-based chrome and nickel mining and processing company.

The acquisition process is at a very early stage and there is no certainty that the company will ultimately put forward an offer.

Oriel's key assets are the Tikhvin smelter, the Voskhod chrome and the Shevchenko nickel projects. The company is listed on the Alternative Investment Market of the London Stock Exchange, and the Toronto Stock Exchange.