Scorpio
10-18-2010, 06:56 AM
Norilsk Nickel Plans $20 Billion Program to Boost Arctic Output
By Ilya Khrennikov - Oct 18, 2010 2:21 AM CT
http://www.bloomberg.com/apps/data?pid=avimage&iid=iEOd05.d2MqY
Norilsk Nickel Plans $20 Billion Program Boost Arctic Output
The town of Norilsk, home to about 205,000 people, a quarter of whom are employees, will also benefit from the company’s plans to spend $1 billion by 2015 to cut sulfur- dioxide emissions and improve the environment of the area, Muravyov said. Source: Norilsk Nickel via Bloomberg
OAO GMK Norilsk Nickel’s polar division, the mining company’s biggest earner in the past decade, will spend $20 billion by 2030 to stop production from falling, according to its head Evgeny Muravyov.
The division must invest in new projects to counter dwindling output as the ore it mines yields less metal, Muravyov said in an interview in Norilsk, a town north of Siberia where the unit is based. The division must raise ore output by about 3 percent a year to keep nickel production flat, he said.
The polar business has accounted for as much as 80 percent of Norilsk Nickel’s profit since the company’s sale by the state in 1997, and fueled its expansion abroad. Its metallurgical complex north of the Arctic Circle has mined more than $200 billion of nickel, copper, palladium and platinum -- based on current prices --since 1935, when prisoners of Josef Stalin’s labor camps began production there.
At stake is the productivity a company that supplies 22 percent of the world’s nickel, a silvery metal used in stainless steel and batteries, and 40 percent of the world’s palladium, used in jewelry and pollution-control equipment for vehicles.
“We still have reserves sufficient for at least 80 years and can mine another $200 billion of metals and hopefully more, as the share of more expensive platinum-group metals in our production is set to increase in 20 years,” Muravyov said.
Deeper Mines
more here:
http://www.bloomberg.com/news/2010-10-18/norilsk-nickel-plans-20-billion-program-to-boost-arctic-output.html
By Ilya Khrennikov - Oct 18, 2010 2:21 AM CT
http://www.bloomberg.com/apps/data?pid=avimage&iid=iEOd05.d2MqY
Norilsk Nickel Plans $20 Billion Program Boost Arctic Output
The town of Norilsk, home to about 205,000 people, a quarter of whom are employees, will also benefit from the company’s plans to spend $1 billion by 2015 to cut sulfur- dioxide emissions and improve the environment of the area, Muravyov said. Source: Norilsk Nickel via Bloomberg
OAO GMK Norilsk Nickel’s polar division, the mining company’s biggest earner in the past decade, will spend $20 billion by 2030 to stop production from falling, according to its head Evgeny Muravyov.
The division must invest in new projects to counter dwindling output as the ore it mines yields less metal, Muravyov said in an interview in Norilsk, a town north of Siberia where the unit is based. The division must raise ore output by about 3 percent a year to keep nickel production flat, he said.
The polar business has accounted for as much as 80 percent of Norilsk Nickel’s profit since the company’s sale by the state in 1997, and fueled its expansion abroad. Its metallurgical complex north of the Arctic Circle has mined more than $200 billion of nickel, copper, palladium and platinum -- based on current prices --since 1935, when prisoners of Josef Stalin’s labor camps began production there.
At stake is the productivity a company that supplies 22 percent of the world’s nickel, a silvery metal used in stainless steel and batteries, and 40 percent of the world’s palladium, used in jewelry and pollution-control equipment for vehicles.
“We still have reserves sufficient for at least 80 years and can mine another $200 billion of metals and hopefully more, as the share of more expensive platinum-group metals in our production is set to increase in 20 years,” Muravyov said.
Deeper Mines
more here:
http://www.bloomberg.com/news/2010-10-18/norilsk-nickel-plans-20-billion-program-to-boost-arctic-output.html