Norilsk plans US$3 billion capex in 2012
- Publishing Date
- 30 Dec 2011 2:48pm GMT
- Author
- Mining Journal
The board of Norilsk Nickel has approved the company’s budget for 2012, including a capital investment programme in excess of US$3 billion.
The company said that it plans to spend the funds on "development of concentrating and metallurgical production, modernisation of fixed assets, and development of infrastructure projects".
The budget includes US$100 million for new prospecting, and provides for wage increases, resettlement programmes and a sulphur-recycling programme.
Norilsk, the world’s largest producer of nickel and palladium, said that it will spend Rb7.5 billion (US$232.6 million) on the development of its expansive Chita mixed metals project in the Transbaikal region of eastern Russia. Of this, Rb2.7 billion will go towards infrastructure for the Bystrinskoye copper-gold-silver deposit.
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