Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Norilsk Sets Midterm Output Goals

Metals giant Norilsk Nickel said Tuesday it saw its nickel output at 240,000 metric tons a year until 2005, compared with last year's 218,000.

The company said in a statement on its strategy that copper output would fall to 420,000 tons every year until 2005 from last year's 454,000.

The plan, approved by the company's board of directors on March 18 and announced Tuesday, is aimed at adjusting its metal production according to anticipated market demand, the world's top miner of nickel and palladium said.

It added the company would keep output of platinum group metals, or PGMs, around current levels but did not provide figures.

"Subject to market developments through 2005, the company may further increase its base metals and PGMs production ... up to 20 million tons per year in subsequent years," Norilsk said.

"Norilsk Nickel expects to finance the necessary capital expenditures from internally generated funds," it said, adding those would average $300 million to $450 million a year through 2015.

Norilsk plans to invest about $125 million in its mines on the Taimyr peninsula, and about $25 million a year in the northwestern Kola peninsula, it said.

It added it would spend about $400 million over the next five years to increase and modernize smelting capacities of its Nadezhda Metals Plant, the company's biggest unit, and a large copper plant on the Taimyr peninsula.

It will also close a nickel factory that was set up on the remote Taimyr peninsula in the 1940s.