Hi Ptask,
here is an article describing Noril'sk management's plans for overseas expansion. Very telling, I think.
Norilsk may raise nickel output overseas
MOSCOW, Nov 2 (Reuters) - Russian metals giant Norilsk Nickel does not plan to raise nickel output at its home base in Siberia but may do so abroad, especially in Australia,
Norilsk chairman Yuri Kotlyar said on Tuesday.
``We don't want nickel output raised from our Norilsk deposits or they will become exhausted sooner than expected,' Kotlyar told reporters at a metals conference.
He said Norilsk had deposits of ores rich in metal which, if extracted at their current pace, would last until 2037.
``But if we had to raise output in accordance with the world consumption needs, it would be by exploiting foreign deposits, including those in Australia,' Kotlyar said.
Norilsk said in October it had held talks with Australia's Anaconda Nickel Ltd (Australia:ANL.AX - news) over acquisitions of mining assets.
Anaconda is developing the Murrin Murrin nickel project, using a cheap technology which, if successful, might produce
200,000 tonnes of nickel per year, or 20 percent of annual world output.
Kotlyar said Norilsk would not lose its share of the world nickel market, even if cheap Australian nickel started appearing, as the company had started a restructuring programme that would drastically cut production costs.
``Some Canadian, European and African producers, where production costs are higher, are more likely to be pushed out of the market,' Kotlyar said.
Norilsk general director Aleksander Khloponin said in October Norilsk planned to produce over 200,000 tonnes of nickel this year. |
