Friday, 20th February 2004 (3626 views)

MMC Norilsk Nickel is reportedly planning to unite all its gold mining companies into one venture based on Polus Company.

The new merger will be headed by Evgeniy Ivanov, ex-president of Rosbank, Grani.Ru claims.

There is as yet no fixed scheme for the Norilsk Nickel gold business restructuring. Either all the gold assets of Norilsk Nickel will be converted to a unified share, or a holing company will be formed.

The process is expected to take at least six months and the new company has not yet been named, though it is likely to maintain its Polus trademark.

The new venture will be worth an estimated $1 billion and analysts believe the cost of MMC Norilsk Nickel gold assets will rise together with gold prices and gold mining volumes.

In January Norilsk Nickel was granted permission to float stocks outside Russia.

 

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