Russia’s Norilsk may sell up to 20% in Bystrinsky field to China

MOSCOW, Mar 24 (PRIME) -- Russian metals giant Norilsk Nickel may sell up to 20% to Chinese investors in the Bystrinskoye copper, iron and gold field, or the Bystrinsky GOK ore dresser, CEO Vladimir Potanin told reporters Thursday.

“This (deal on the Bystrinsky GOK) is aimed at partnership with Chinese partners which has been previously announced. Now, we are to close the deal and receive a corresponding approval for the sale of more than 13%. The Chinese side is interested in an increase to 20%, so we will close the first deal first, then look at whether they actually have interest to increase the stake,” he said.

“So far, we think that the Bystrinsky GOK’s contribution to our EBITDA will be rather good from 2018, and there is no special reason for us to be interested in a sale of a larger stake in the project.”

The project includes the construction of quarries, transport and engineering infrastructure and the Bystrynsky GOK ore dresser at the Bystrinskoye field located near the Baikal Lake. The ore dresser, whose capacity will stand at 10 million tonnes, will be launched in 2017, and Chinese firms are expected to become consumers of the plant’s main production, copper concentrate.

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