CEO: Metals export duties to cost Norilsk Nickel around $500 mln

MOSCOW, Jun 28 (PRIME) -- The planned metal export duties will cost metals giant Norilsk Nickel around U.S. $500 million, CEO and core shareholder Vladimir Potanin told reporters on Monday.

“If we speak about that in the current prices, t will cost our company about $0.5 billion,” he said.

The government previously slapped export duties on metals and metal products from August 1 through December 31, and plans to work out a permanent mechanism to smooth the national metals prices after that. The government expects the duties to raise 160–165 billion rubles for the budget in 2021, accounting for about 20–25% of the excessive profits that the metals companies will receive from a very favorable pricing situation on the global market.

(72.1694 rubles – U.S. $1)

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