Nornickel sees $500m hit from new export duties – RIA
Russia has introduced temporary new export taxes for steel products, nickel, aluminum and copper.
Russia has introduced temporary new export taxes for steel products, nickel, aluminum and copper.
Key moves in the mining sector.
Companies will make stainless steel raw material nickel pig iron in Sulawesi.
The country is currently the biggest producer of the two crude metals, and a restriction on more smelters coming online could hit Chinese stainless steel producers.
Nornickel said on Wednesday it is buying 3.4% of its shares for $2 billion to compensate for a smaller recent dividend.
The metal plays a key role in the global transition to clean energy and demand from the EV sector alone is expected to grow by 2.6Mt to 2040.
Potanin owns a 34.6% stake in Nornickel, which plans to buy up to 3.4% of its shares for $2-billion.
The ETCs will use Blockchain technology for transparency and security of the metals backing them.
Vale was obliged to halt the mine after the workers rejected its initial offer.
The Department of Energy has identified Class 1 nickel, the type best suited to lithium-ion batteries, as both key vulnerability and key opportunity.