Connect with us

Hi, what are you looking for?

Editor’s Pick

Norilsk Nickel increased investment level up to $ 35 billion

Russian Norilsk Nickel has updated up its long-term CAPEX program through the year 2021-2030, raising it by USD 6 bn to USD 35 bn, of which approximately USD 6 bn will be allocated to environmental projects, stated in company updated strategy reviled during Capital Markets Day presentation on Monday.

Another major component of the revised capex plans is USD8bn investments into energy infrastructure, which include accelerated modernization of renewable energy assets, high-voltage transmission lines as well as investments in additional projects in production and transportation of natural gas. Another USD2bn to the long-term capex plans was an addition to the maintenance and upgrade of existing assets (capital repairs and purchase of new equipment).

“In line with the new strategy, the company is entering a new investment phase that includes expansion of mining and processing operations, increased capital repairs, new environmental projects etc. To properly execute these ambitious plans we are going to increase headcount by 14 thousand of employees from 2020 to 2024”, said Nornickel’s Chief Financial Officer Sergey Malyshev as he was speaking at event in Moscow.

The Company has added almost 600m tonnes to its proven & probable ore reserves owing to the roll-out of the Technological Breakthrough 1.0 program, employing the most advanced resource management and evaluation tools. Nornickel has raised its long-term strategic ambitions for 2030+ of metals production, aiming for 25-35% growth in nickel volumes, 50-60% in PGMs and 25-35% in copper.

The Company also targets to gain a substantial market share in the fast growing battery segment through supply agreements and deeper integration into the European battery value chain, including by a way of research and partnerships.

“Considering the forthcoming investment cycle in 2022 we are planning around 20% employees’ compensation increase including salary indexation and increase in bonus rates”, Malyshev said.
Nornickel announced ambitious expansion goals with some key growth projects that include the third phase of the Talnakh Concentrator in Norilsk area, the new Norilsk Concentrator, the expansion of the Nadezhda Smelter, and a new copper production facility in Monchegorsk, all of which are located in the extremely harsh Arctic environment.

The company will continue to support its team and employees, especially in a pandemic.

Nornickel’s President Vladimir Potanin said:
“The coronavirus pandemic is still far from over, but the world clearly showed its ability to adapt to the new reality and transform in response to new threats and challenges. So did Nornickel. We had a challenging year marked by lasting COVID-related limitations and a number of tragic industrial incidents. We have started to roll-out a permafrost monitoring system in Norilsk and have committed to a major renovation of our energy infrastructure and upgrade of equipment. In addition to a better management of climate change related risks, we anticipate to get significant carbon dioxide emission cuts as the energy losses will reduce and the efficiency of our power generating equipment should improve.

On the social front, we have committed to a number of major programs, which aim to transform the city of Norilsk into a modern city with high quality living standards. Over business cycles, our metals basket has shown its natural resilience to changes in underlying demand for commodities. Our course forward is towards integration into the new green economy. Higher focus on the global climate agenda drives up demand for our key metals and reconfirms our strategy to grow production. I believe that transformational investments will result in higher value for Nornickel and its shareholders combining industry-leading profitability and top-notch ESG standards”.

Read more:
Norilsk Nickel increased investment level up to $ 35 billion

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

BORONGAN City is holding the Surf in the City Festival from Nov. 26-Dec. 3 as it hosts the 3rd leg of this year’s national...

News

PHILIPPINE STAR/ MICHAEL VARCAS THE DEPARTMENT of Transportation (DoTr) on Thursday said it will consider new suppliers for public transport reloadable cards amid a...

News

LIONEL Messi of Argentina — REUTERS/JOEL MARKLUND DOHA — Lionel Messi missed a first-half penalty but Argentina’s Alexis Mac Allister and Julian Alvarez scored in a...

News

CREAMLINE Cool Smashers — PVL Games Tuesday(PhilSports Arena)2:30 p.m. — Chery Tiggo vs Creamline5:30 p.m. — Cignal vs Petro Gazz DENIED of a historic...

News

JUSTIN BROWNLEE — PBA MEDIA BARANGAY Ginebra resident import Justin Brownlee is excitedly counting the days until he can finally put on that Gilas...

News

KACEY dela Rosa (28) and Jhazmin Joson (15) — UAAP MEDIA AFTER an impressive campaign in UAAP Season 85 women’s basketball, Ateneo de Manila...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.