Norilsk Nickel to cut costs by $200-$300m a year by 2020
LONDON, Nov 20 (Reuters) – Russia's Norilsk Nickel , the world's second largest nickel and top palladium producer, said on Monday it plans to cut costs by $200-$300 million a year by 2020.
Sergey Dyachenko, chief operating officer, told Reuters ahead of a strategy update to investors that the cost cuts were part of a comprehensive cost reduction programme that would include modernising assets, shutting down outdated capacities and implementing automation systems.
The company planned to keep capital expenditure flat next year compared with 2017 at $2 billion, increasing the level to an average of $2.3-2.5 billion each year in 2019-2020.
(Reporting by Eric Onstad and Barbara Lewis, editing by Louise Heavens).