Agnico Eagle expands stake in First Nordic to 13%
First Nordic is finalizing its acquisition of the Oijärvi gold project in Finland.
Dow Jones reports Norilsk Nickel’s board will consider a buyback at $306 a share next Tuesday, a source close to the company’s board said Wednesday. Norilsk may spend up to $4.5 billion on the buyback of a 7.7% stake in the company.
Norilsk had previously offered the same price a share for about 15% of the company held by United Co. Rusal PLC, which valued the stake at $8.75 billion. Rusal, which holds a total of 25% of Norilsk, declined the offer Monday, opening the way for the miner’s share buyback.
Bloomberg reports Norilsk Nickel plans to invest $250 million this year to build a railroad to two new mines in Siberia. The link will transport copper and molybdenum from the Bystrinskoe and Bugdainskoye deposits where the company plans to start production in 2015-2016. The mines will produce 62,000 tons of copper and 9,800 tons of molybdenum at full capacity.
Norilsk’s American Depositary Receipts (PINK:NILSY) were trading up 2.7% on Wednesday in New York and is up more than 8% since the Rusal negotiations kicked off mid-August.
