Russia considering $1bn loan to Nornickel for Arctic project

Norilsk Nickel operates some of the richest mines in platinum, palladium and nickel.

The Russian government is considering spending $1 billion from its sovereign wealth fund on a loan to mining giant Norilsk Nickel for its Arctic Palladium project, the russian Interfax news agency cited a source as saying on Friday.

The Arctic Palladium project is Nornickel’s joint venture with Russian businessman Musa Bazhaev, leader of metal firm Russian Platinum .

(By Anton Kolodyazhnyy and Alexander Marrow; Editing by Maria Kiselyova)

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