With Russian aluminium producer Rusal imploding in the wake of U.S. sanctions against its oligarch owner Oleg Deripaska, attention is now turning to the status of another Russian industrial powerhouse, Norilsk Nickel.
Norilsk Nickel Mining News
Three billionaires faced off in London court on Friday in a conflict triggered by Roman Abramovich’s desire to sell his stake in MMC Norilsk Nickel PJSC.
The proceeds will be used for refinancing existing debt, financing capital expenditure and general corporate purposes.
The company plans to increase capital expenditure to an average of $2.3 billion to $2.5 billion a year in 2019 and 2020 from about $2 billion in 2018.
Head of Global Sales and Marketing Markus Meurer said purchases in 2017 would rise to as much as 600,000 oz of palladium, compared to 160,764 oz last year.
COO Sergey Dyachenko told Reuters ahead of a strategy update to investors that the cost cuts were part of a comprehensive cost reduction programme.
Four miners were killed in an explosion at the Zapolyarny Mine, part of the Polar Division of Norilsk Nickel.
Botswana withdrew its decision to buy a 50 percent stake in South Africa’s Nkomati mine from GMK Norilsk Nickel PJSC because it can’t afford the price tag of just under 3 billion pula ($279 million).
River near the eponymous city of world's top nickel and palladium miner turns crimson.
The miner beat estimates after logging a 16% jump in Q3 nickel production, taking total output of the metal this year to 201,400 metric tons.
World's largest nickel and palladium producer will get rid of projects in Finland, Australia, Botswana and South Africa.