OAO GMK Norilsk Nickel will proceed with plans to develop a $1 billion Siberian copper mine after test results by the world’s largest producer of nickel and palladium showed the high quality of the deposit.
OAO GMK Norilsk Nickel’s billionaire owners have allowed management to carry out a $6.5 billion investment plan by 2015 without asking for preliminary approvals, Chief Executive Officer Vladimir Potanin said.
Vladimir Potanin, the billionaire who runs Russia’s OAO GMK Norilsk Nickel, said concerns that supplies of the metal will be disrupted by sanctions against the country over the crisis in Ukraine are overstated.
Nickel is poised to rally a further 20 percent this year as Indonesia’s ban on exports of ore push the market toward a global shortage and unrest increases in Ukraine, a survey of analysts and traders shows.
Copper traded near a seven-week high in New York before the start of a Federal Reserve policy meeting projected to result in a further cut in U.S. economic stimulus as growth strengthens in the country.
Russian billionaire Vladimir Potanin ’s offer to buy United Co. Rusal’s stake in OAO GMK Norilsk Nickel for $9 billion is “the beginning of an end” in a feud between the company’s two largest shareholders, UralSib Financial Corp. said.