Russian business group Basic Element and China North Industries Corporation (Norinco) have agreed to expand their partnership in the engineering, mining and metal sectors.

The companies have made agreements to boost their economic and trade cooperation to more than US$1bn within three years.

Under the agreement, Russian aluminium producer Rusal – part of the Basic Element group – has agreed to expand its export of aluminum products to China through sales to the Norinco group’s US-based North United Aluminum.

Russian mining, metals and energy company En+ Group, also owned by Basic Element, is in discussions with Norinco to create Russia’s largest aluminum rolling mill for the Rusal-managed Krasnoyarsk metal plant in Russia.

The companies have agreed to develop a long-term cooperation mechanism for resource development, including the joint development of nickel, copper and other resources in Russia and abroad.

Additionally, Norinco and Basic Element-owned Russian Machines have agreed to develop their cooperation in the field of engineering, particularly through sharing technological developments.

Zhang Guoqing, president of China North Industries Corporation, says: “Sino-Russian cooperation has a great future. I believe that our projects, in sectors that are important for both countries’ industries, will provide a solid foundation for partnerships between our two countries.”