Norilsk Nickel to decide on participation in Baimsky project 2017

VLADIVISTOK, Sep 6 (PRIME) -- Mining and metallurgic company Norilsk Nickel plans to make a final decision on its participation in development of the Baimskoye field in Russia’s northernmost Chukotka Autonomous District until the end of 2017, Vice President Yelena Bezdenezhnykh told reporters on the sidelines of the Eastern Economic Forum on Wednesday.

“We have been evaluating the potential of the asset so far. It is difficult to develop and has transport accessibility problems because it is far from all sales points. We need to make a precise calculation. The decision is likely to be announced until the end of the year,” she said.

The Baimsky porphyry copper area, including the Peschanka field, was bought by Baimskaya mining company held by Millhouse of tycoon Roman Abramovich, who is also a beneficiary owner of Norilsk Nickel, at a 2008 auction. The deposit’s aggregate resources have been assessed at around 30 million tonnes of copper and 2,000 tonnes of gold.

A spokesperson for Norilsk Nickel said earlier that the company is interested in a long-term participation in the project. It first evaluated the asset as “first class” and having suitable reserves. The person also said the field is at a high stage of exploration.

Norilsk Nickel is to hold an investor day in November to reveal its future plans including participation in the project.

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