DJ Norilsk Eyes Acquisitions In Metals, Mining - CEO

09 June 2009 | 05:06 Code : 19262 Geoscience events
visits:26
Russian mining giant OAO Norilsk Nickel (GMKN.RS) is planning to use the proceeds...

Russian mining giant OAO Norilsk Nickel (GMKN.RS) is planning to use the proceeds from the sale of its minority stakes in power generating companies on acquisitions of "core" assets, the company’s Chief Executive Vladimir Strzhalkovsky said Friday. Speaking at the sidelines of the economic forum the CEO of the world’s largest nickel producer said the company is going to "buy something useful in our core businesses," but declined to tell what assets he has in mind, or how much the company is going to spend. Strzhalkovsky said the company eyes more sales of nickel, copper, palladium and platinum to China. He said the company doesn’t currently plan to sell its foreign assets, but admitted they have been bought "for a very high price and for borrowed money." "We are not desperate for cash", he said, adding Norilsk will make a $867 million payment on its debt in September. -By Alexander Kolyandr, Dow Jones Newswires; +7 495 937 8445; alexander.kolyandr@dowjones.com


Your Comment :