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. Last Updated: 07/27/2016

Norilsk Lays Out Plans For Future

Metals giant Norilsk Nickel said Wednesday it planned to become more aggressive in its expansion and investment plans despite a current slide in world prices.

Norilsk chief executive Mikhail Prokhorov told a news briefing the company aimed to acquire metals companies abroad and possibly expand into other sectors.

"Norilsk Nickel currently faces a unique challenge: the shrinking of its main markets is leading to the disappearance of whole groups of competitors," he said.

"Consolidation in the mining business has gained momentum in the last few years and we believe Norilsk Nickel will be at the center of consolidation. We will not miss our chance."

Prokhorov said Norilsk planned to acquire new assets -- first and foremost mining companies and large metal deposits, both in Russia and abroad. He added that Norilsk planned acquisitions of other "financially attractive" assets like utilities. But he declined to name any asset Norilsk planned to acquire.

While many non-ferrous metals firms have announced cost-cutting measures, Norilsk said it did not need to follow suit.

"Our financial and economic situation is such that we can continue working according to our original plans," said Johnson Khagazheyev, deputy chairman of Norilsk's management committee.

"We have not changed a single point in our investment and social programs."

Norilsk Nickel's shares jumped 4.3 percent Wednesday following the top management's announcement that a 17 percent cross-held stake will be liquidated, reducing Mining and Metals Co. Norilsk Nickel's charter capital by 38.7 million shares.