Norilsk Nickel to invest over $12 bln in development in 5 years

NOVO-OGARYOVO, Moscow Region, Dec 10 (PRIME) -- Russian metals giant Norilsk Nickel plans to invest over U.S. $12 billion in production development over the next five years, CEO Vladimir Potanin said Monday at a meeting with President Vladimir Putin.

“We are now implementing quite an unprecedented investment program: we are investing over $12 billion in development of production over the next five years. And what is important, Vladimir Vladimirovich, for many years we proceeded from a strategy of maintaining current production volumes,” Potanin said.

The company currently produces over 200,000 tonnes of nickel and over 350,000 tonnes of copper, he said.

Potanin also said Norilsk Nickel plans to allot around 150 billion rubles for modernization of production by 2023 to solve the environmental problem in the city Norilsk.

“We pay a lot of attention to solving environmental problems inherited. By 2023, they will be solved as 75% of all sulfur emissions that we currently make will cease to exist. It will be fully collected, we will produce sulfuric acid from this sulfur, neutralize it on domestic technologies and store in a safe regime,” Potanin said.

“We will spend around 150 billion rubles on these goals, these are very serious investments for us. We expect to receive certain support from the government in solving these problems. We are currently working with authorities – both with the government and regional authorities,” he said.

(66.9227 rubles – U.S. $1)

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