Nickel

Personnel changes at foreign enterprises of Norilsk Nickel

 Norilsk Nickel announced the personnel changes at its foreign enterprises. The former CEO of Norilsk Nickel Africa, Wayne Venter was appointed as the new CEO of Norilsk Nickel Australia. He is experienced in fulfillment of mining and metallurgical projects from the stage of development of a project (preparation of feasibility study) to reaching of the designated capacity of the enterprise. The appointment is connected with the intention to concentrate the efforts of Australian company on development of Honeymoon Well sulfide deposits. Lake Johnston is in laid-up mode.

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This year decrease of commercial nickel production at Kola mining and metallurgical company to be compensated

On May 7, Norilsk Nickel, the largest world producer of nickel and palladium, announced its preliminary industrial results of the work in the first quarter of 2013.
In the first quarter of 2013, the total volume of commercial nickel production made up 72 thousand tons as compared to 76 thousand tons in the first quarter of 2012. The decrease of the total volume of nickel production in the reporting period was caused by short delivery of raw material to the Kola mining and metallurgic company and nickel refinery of Norilsk Nickel Harjavalta.

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Norilsk Nickel moves its Australian Lake Johnston enterprise to sleep mode

Norilsk Nickel moves its Australian Lake Johnston enterprise to sleep mode, within realization of the program for reduction of production expenses. In the beginning of February, they revealed that Norilsk Nickel was going to sell its mine Lake Johnston due to its unprofitability under the current metal price. A source in the company explained then that if company failed to sell it then it would move it to sleep mode. The experts valued Lake Johnston by up to $300 million then.

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Norilsk Nickel starts reducing the investment projects

Norilsk Nickel is going to pay large dividends and start reducing its investment projects. The company can postpone development of Bugdainskoye molybdenum deposit in Zabaikalye and save about $1.4 billion. The company explains the situation by bad conjuncture. Experts confirm that low prices of the main metals of Norilsk Nickel provide no freedom of investment and the low prices of molybdenum don’t make it possible to expect fast benefit from the project. Other investment plans of Norilsk Nickel will be corrected as well.
Norilsk Nickel postpones development of Bugdainskoye molybdenum deposit and construction of a mining and concentration complex there for five years, senior federal inspector of Zabaikalye Bair Zhamsuyev reported during the coordination council for the investment projects in the region. Deputy General Director of Norilsk Nickel Maksim Naumchenko explained the postponement by inefficiency of the project in current market conjuncture. “The price of molybdenum has reduced thrice since 2006 when the feasibility study for the mining and concentration complex had been prepared”, the top manager said.

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Sberbank receives a client for amicable agreement - it became a strategic partner of Norilsk Nickel

Millhouse of Roman Abramovich will become a shareholder of Norilsk Nickel on April, 25-26. It will happen within an amicable agreement of the main co-owners of the company – Interros of Vladimir Potanin and Rusal of Oleg Deripaska. The other creator of the agreement, the Sberbank’s Head German Greff will profit from the deal having a major customer in the face of Norilsk Nickel. Yesterday, the company signed an agreement on strategic partnership with the bank. In addition to full range of services for the company, Sberbank may be an agent bank, into which Millhouse, Interros and Rusal will transfer 22% of Norilsk Nickel’s shares.

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In January-February, Russia decreased copper exports by 46.6%, and nickel – by 53.1%

In January-February of 2013, Russia decreased the copper export by 46.6% to 21.8 thousand tons as compared to the same period of 2011, the Federal Customs Service reports.
In the reporting period, the nickel export fell by 53.1% to 30.2 thousand tons from 64.4 thousand tons in the previous year.

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Kola GMK has begun copper and nickel ore production at the Eastern side of the Yuzhny pit

Kola GMK has begun copper and nickel ore production at the Eastern side of the Yuzhny pit of the Zhdanovskoye deposit. Under the plan for development of reserves of the pit, open-cast mining will last until 2016. In the total, they are going to extract over 2 million tons of ore at the pit via open-cast mining .

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The RF reduces production of aluminium by 8.2%, nickel – by 8.8%, copper – by 1.6% for 2 months

For the first 2 months of 2013 the RF has reduced production of aluminium by 8.2%, nickel – by 8.8%, copper – by 1.6%, zinc – by 6.4% compared to the same period of 2012, Federal Service for State Statistics (Rosstat) reports.

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Buruktalsky nickel plant falls on hard times

The management of Buruktalsky nickel plant (Svetly settlement, the Orenburg Region) announces redundancy. 216 people will be fired at the beginning of May.

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O. Deripaska: UC Rusal to pay off its debts with the dividends from Norilsk Nickel

UC Rusal will be able to maintain its debts within the coming 4.5 years on the account of the dividends it plans to receive from Norilsk Nickel, O. Deripaska toldthe  Financial Times.
These words underline the importance for the financial position of UC Rusal of the agreement between O. Deripaska and V. Potanin that ended the 4-year conflict of the businessmen. R. Abramovich was the intermediary in December, is reported. The agreement made V. Potanin the executive director of Norilsk Nickel but also led the way to larger payments of dividends to the company in which UC Rusal holds 27.8%.
 

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