Norilsk Nickel open to working with Kaz Minerals on Russia copper

MINEX Forum | November 27, 2018 | Views: 155 | Source: Financial Times

Norilsk Nickel, one of the world’s largest producers of precious metals, is willing to work with London-listed Kaz Minerals on its newly purchased copper mine in the Baimskaya region of Russia, its chief executive said.

“Such a big project will not be that easy to run and maybe they will be looking for partners. And if they decide to go in that direction Norilsk [could] maybe [be] one of the potential partners,” Vladimir Potanin told the Financial Times.

Kaz Minerals, which is focused on mining for copper in Kazakhstan, shocked investors in August when it said it would buy the project from Roman Abramovich, the oligarch owner of Chelsea Football Club, and some of his business partners for $900m.

The miner, which is controlled by billionaire Vladimir Kim, has said the Baimskaya region contains one of the world’s most significant undeveloped copper assets with the “potential to become a large-scale, low-cost, open pit copper mine.”

It has also said it will consider “potential partnering options” for the project.

Shares in Kaz Minerals have fallen 38 per cent since it announced the deal in August to trade at 520p.

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