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Friday, 20th February 2004 (8094 views)

MMC Norilsk Nickel is reportedly planning to unite all its gold mining companies into one venture based on Polus Company.<BR/> <BR/>The new merger will be headed by Evgeniy Ivanov, ex-president of Rosbank, Grani.Ru claims.<BR/><BR/>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. <BR/><BR/>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. <BR/><BR/>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. <BR/><BR/>In January Norilsk Nickel was granted permission to float stocks outside Russia.

 

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