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Norilsk Nickel to put $1bn into gold mining
RBC, 15.10.2003, Irkutsk 12:49:21.Over the next five years, the Russian mining and smelting company Norilsk Nickel is going to invest about $1bn in the development of gold mines of the Irkutsk region of Russia. In particular, the company will seek to unite the Lenzoloto and the Sukhoy Log deposits over the next two years. Norilsk Nickel has already expressed its intention to participate in a tender for developing the Sukhoy Log deposit. If it wins the tender, its gold production is expected to step up 50 percent to 58 tons a year. As reported earlier, in September Norilsk Nickel purchased a state-owned 44.9-percent stake in Lenzoloto. According to Norilsk Nickel Deputy CEO Maxim Finsky, by buying the stake the company also came into possession of the facilities necessary for developing this gold mine, which is one of the largest in both Europe and Asia. At present, Norilsk Nickel has a 50.5-percent stake in Lenzoloto. The Sukhoy Log deposit was withdrawn from Lenzoloto in order to be offered at a tender that should be announced before the end of this year. Finsky said that the acquisition of Lenzoloto would allow his company to save up to $300m when developing Sukhoy Log in the event Norilsk Nickel won the tender. Lenzoloto is Russia's third largest gold mine encompassing 11 gold-mining companies operating in the Irkutsk region. The Lenzoloto gold reserves are estimated at 200 tons.
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