Friday, March 5, 2010

Norilsk Makes Offer For Soviet-Era Copper Stockpile

Norilsk Nickel, Russia’s largest mining company, has offered to process copper stockpiled during the Soviet era as it struggles to meet demand from its own supplies. Norilsk doesn’t keep stockpiles of its own.

Deputy Chief Executive Officer Oleg Pivovarchuk said that the company has made what he described as “a serious offer” to Rosreserve, the government agency overseeing the inventory although it isn’t clear if the offer is to buy the metal or process it. Approval may be given in the next couple of months.

Norilsk will mix stockpiled copper, which contains other metals such as nickel and cobalt, along with its own, lower-grade copper. Last year Norilsk produced 402,000mt of copper.

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