
Norilsk Nickel, the world\'s largest producer of nickel and palladium, said Friday it planned to sell off its non-Russian assets by 2016 to concentrate on its core activities. \"We are cutting the pieces that are not productive enough,\" said deputy chief executive Pavel Fedorov in a meeting with investors broadcast by Internet. The new strategy, which will involve an investment of $8 billion (6 billion euros) and whose major outlines were announced last month, comes as all metal producers are seeing profits squeezed as commodity prices slide. \"The new strategy aims to realise the full potential of MMC Norilsk Nickel’s unique resource base at the Polar and Kola Peninsulas\" as well as boost operational efficiency and improve governance, the company said in a statement. It plans to dispose of all of its foreign assets by the end of 2016. The company is present in Australia, Finland, Botswana and South Africa. The company plans to make $2 billion of capital investments into its core assets per year between 2014 and 2018. Chief executive Vladimir Potanin said the new strategy \"aims to deliver sustainably higher returns by focusing on our Tier I assets and exercising greater investment discipline.\" Norilsk Nickel\'s net profit plunged 63 percent in the first half of this year to $545 million, with sales slumping 6 percent to $5.6 billion. Meanwhile, its debt rose by 27 percent to $5 billion.
GMT 09:47 2018 Tuesday ,23 January
SAP unveils big push into French tech start-upsGMT 05:07 2018 Tuesday ,23 January
Noble Group shares surge 37 percent on buyout talksGMT 19:07 2018 Monday ,22 January
BAKS spent Dh225m on charity projects in 2017GMT 22:52 2018 Sunday ,21 January
French firm "recalls baby milk product"GMT 22:27 2018 Sunday ,21 January
US company plans funds that double bitcoin price movesGMT 21:23 2018 Sunday ,21 January
Pence starts Mideast tour in Egypt amid Arab angerGMT 08:54 2018 Saturday ,20 January
Million-euro bill for firm behind Paris bike-share chaosGMT 10:47 2018 Friday ,19 January
German chemical giant BASF sees 'significant' profit leap

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor