SHANGHAI, Sep. 25 -- Russia-based Alfa Group, a privately-owned financial-industrial conglomerate,has announced that a unit owned by billionaire Mikhail Fridman has signed a contract to create a joint venture in Cuba.

The joint venture is to produce nickel and other metals. A1 Palmina Resources Ltd, a subsidiary of Alfa Group, has agreed with Cuban state company Commercial Caribbean Nickel SA to commence test production of tailings in the town of Nicaro.