Norilsk Nickel to cut costs by $200-$300m a year by 2020
COO Sergey Dyachenko told Reuters ahead of a strategy update to investors that the cost cuts were part of a comprehensive cost reduction programme.
COO Sergey Dyachenko told Reuters ahead of a strategy update to investors that the cost cuts were part of a comprehensive cost reduction programme.
The miner denied it had decided to suspend the sale of a stake in its loss-making New Caledonia nickel mine (VNC), and added that its plan to find a partner is still a go.
The sale may be delayed for up to a year, a setback to efforts by the world’s largest iron ore producer to offload non-core assets.
“We have a strong sense of urgency,” chief executive Andrew Mackenzie told reporters following the company’s annual general meeting in Melbourne.
Trafigura Group provides $200m in funding to Finland's Terrafame nickel mine, which plans to start producing material for electric vehicle batteries by 2020.
Global deficit in nickel supply to drop 53,000 tonnes in 2018 from 98,000 tonnes this year, partly due to recovery in Chinese production growth.
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Russia's Norilsk Nickel, the world's second-largest nickel and top palladium producer, reaffirmed its previous 2017 output forecast on Monday after a strong third quarter.