The Board of Directors of OJSC MMC Norilsk Nickel by a majority of votes has approved key parameters of the Company’s budget for 2012, the Company said Thursday.
The Budget approval is the first step in realization of the Company’s production and technical development strategy till 2025.
The budget of 2012 provides for a large-scale investment program that exceeds US$ 3 billion, aiming further development of concentrating and metallurgical production, modernization of fixed assets and development of infrastructure projects.
Norilsk Nickel will continue to implement projects of geological prospecting for the purpose of raw-materials recovering. In 2012 the Company will invest in the geological prospecting more than US$ 100 million besides considerable amounts will be spent on royalties in new areas.
In conformity with the construction plans, the Company will step on new projects. In particular, in 2012 the Company is planning to spend RUB 7.5 billion on development of the Chita project, including RUB 2.7 billion on designing and building of objects of infrastructure of the Bystrinskiy MPP.
Norilsk Nickel will go on with the ecological program of sulfur recycling, as well as expand and develop the transportation and logistics complex.
The budget of 2012 provides for raising wages of personnel engaged in the production, further development of social programs, and further realization, within a joint effort with federal and regional authorities, of the package of social programs of resettlement and development of Norilsk municipal infrastructure.
Dmitry Kostoev, Deputy General Director, Head of Economics and Finance Business Unit, declared that the «execution of the budget of 2012 will allow the company to realize the basic industrial and investment programs and objectives exposed in the Strategy of Development as well as carry out all social obligations of the Company within the boundaries of the Company’s presence.”
MMC Norilsk Nickel, a company incorporated under the laws of the Russian Federation, is the largest diversified mining and metals company in Russia, the world's largest producer of nickel and palladium and one of the world's largest producers of platinum, rhodium, copper and cobalt. In addition to this, MMC Norilsk Nickel produces a large number of other by-products, including gold, silver, tellurium, selenium, iridium and ruthenium.
The key production units of the Company’s group in Russia are at the Polar and Kola Peninsulas. MMC Norilsk Nickel international assets include operations in Finland, USA, Australia, Botswana and South Africa.
MMC Norilsk Nickel’s shares are traded at MICEX-RTS. ADR’s on the Company’s shares are traded on the other the counter market in the US and at the London and Berlin stock exchanges.
The Budget approval is the first step in realization of the Company’s production and technical development strategy till 2025.
The budget of 2012 provides for a large-scale investment program that exceeds US$ 3 billion, aiming further development of concentrating and metallurgical production, modernization of fixed assets and development of infrastructure projects.
Norilsk Nickel will continue to implement projects of geological prospecting for the purpose of raw-materials recovering. In 2012 the Company will invest in the geological prospecting more than US$ 100 million besides considerable amounts will be spent on royalties in new areas.
In conformity with the construction plans, the Company will step on new projects. In particular, in 2012 the Company is planning to spend RUB 7.5 billion on development of the Chita project, including RUB 2.7 billion on designing and building of objects of infrastructure of the Bystrinskiy MPP.
Norilsk Nickel will go on with the ecological program of sulfur recycling, as well as expand and develop the transportation and logistics complex.
The budget of 2012 provides for raising wages of personnel engaged in the production, further development of social programs, and further realization, within a joint effort with federal and regional authorities, of the package of social programs of resettlement and development of Norilsk municipal infrastructure.
Dmitry Kostoev, Deputy General Director, Head of Economics and Finance Business Unit, declared that the «execution of the budget of 2012 will allow the company to realize the basic industrial and investment programs and objectives exposed in the Strategy of Development as well as carry out all social obligations of the Company within the boundaries of the Company’s presence.”
MMC Norilsk Nickel, a company incorporated under the laws of the Russian Federation, is the largest diversified mining and metals company in Russia, the world's largest producer of nickel and palladium and one of the world's largest producers of platinum, rhodium, copper and cobalt. In addition to this, MMC Norilsk Nickel produces a large number of other by-products, including gold, silver, tellurium, selenium, iridium and ruthenium.
The key production units of the Company’s group in Russia are at the Polar and Kola Peninsulas. MMC Norilsk Nickel international assets include operations in Finland, USA, Australia, Botswana and South Africa.
MMC Norilsk Nickel’s shares are traded at MICEX-RTS. ADR’s on the Company’s shares are traded on the other the counter market in the US and at the London and Berlin stock exchanges.