Russian metals giant Norilsk Nickel still plans to hold an initial public offering (IPO) of its Bystrinsky project, in which it owns 50.01%, in 2020, a company representative reported.
“We are working on the project. We plan to present updated information on the IPO at the end of this year,” the representative said.
Currently, the metals giant is the operator of the project. CIS Natural Resources Fund, established by Interros of tycoon Vladimir Potanin and ESN Group of tycoon Grigory Beryozkin, has 36.66%, and consortium of Chinese investors Highland Fund has 13.33%.
Norilsk Nickel built the Bystrinsky mining and processing facility in a faraway part of Russia near the Lake Baikal at the end of 2017. Its reserves are estimated at 341 million tons of ore, which contains 2.3 million tons of copper, 9.5 million ounces of gold and 1,245 million tons of silver. The plant will refine 10 million tons of ore in 2020 after 23,000 tons of copper concentrate and 3.3 tons of gold concentrate in 2018. (Prime/Ukrainian metal)