Norilsk Nickel still plans IPO of Bystrinsky project for 2020

MOSCOW, Aug 7 (PRIME) -- Russian metals giant Norilsk Nickel still plans to hold an initial public offering (IPO) of its Bystrinsky project, in which it owns 50.01%, in 2020, a company representative told PRIME on Wednesday.

“We are working on the project. We plan to present updated information (on the IPO) at the end of this year,” the representative said.

Currently, the metals giant is the operator of the project. CIS Natural Resources Fund, established by Interros of tycoon Vladimir Potanin and ESN Group of tycoon Grigory Beryozkin, has 36.66%, and consortium of Chinese investors Highland Fund has 13.33%.

Norilsk Nickel built the Bystrinsky mining and processing facility in a faraway part of Russia near the Lake Baikal at the end of 2017. Its reserves are estimated at 341 million tonnes of ore, which contains 2.3 million tonnes of copper, 9.5 million ounces of gold and 1,245 million tonnes of silver. The plant will refine 10 million tonnes of ore in 2020 after 23,000 tonnes of copper concentrate and 3.3 tonnes of gold concentrate in 2018.

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