China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
At the Russia Investment Summit, Norilsk Nickel CEO Vladimir Strzhalkovsky said the company looks to obtain licenses for platinum group metals deposits in South Africa to increase its resource base.
Strzhalkovsky listed South Africa, Botswana, Zimbabwe and Zambia as potential destinations and acknowledged the risk of operating there but said it was the same risk group as Russia.
Previously Norilsk said it would invest USD 35 billion to expand resource base and increase production over the next 13 years. Norilsk has plans to increase its Zapolyarny Mine’s production from 1.2 to 2 million metric tons of ore per year by 2019.
Source (English): Platinum Today
