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Norilsk investment plan gets board’s nod

Keywords: Tags  Norilsk Nickel, nickel, Russia, budget, board of directors

LONDON — MMC Norilsk Nickel’s board of directors has approved the company’s draft budget for 2013.

Norilsk’s investment program is expected to total 75.4 billion rubles ($2.51 billion), the company said, including the implementation of key mining projects as well as the modernization of production facilities.

"The budget ensures stable metals production by the (Russian) operations of the company in 2013," Norilsk said. "The company is expected to maintain existing social programs and to join efforts with federal and regional authorities on the relocation of Norilsk residents and the development of city infrastructure."

Moscow-based Norilsk also will invest further in projects aimed at reducing emissions and environmental improvement.

The company said it also will continue to work on the optimization of operating costs and improving the efficiency of its investment projects.

Nickel output at the company’s Polar division in Russia’s Taimyr Peninsula, and Kola MMC in Russia’s Kola Peninsula is expected to be no less than 233,000 tonnes this year, in line with 2012 output.

Copper production is expected to rise about 2 percent to 359,000 tonnes in 2013, but platinum and palladium output is expected to fall slightly as a result of changes in ore composition and lower grades.

A version of this article was first published by AMM sister publication Metal Bulletin.

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