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Friday, 8th April 2005 (4472 views)

Norilsk Nickel's gold unit has announced plans to spend over $2 billion on gold projects.<br/><br/>Polyus is looking to invest $2.3 billion in various projects over the next five years, since Russia's gold industry is booming.<br/><br/>In addition, Reuters quoted company head, Yevgeny Ivanov, as saying the firm wants to raise direct gold exports in 2006 by around 15 tonnes compared to this year.<br/><br/>Mr Ivanov said that the company will spend at least $140 million on exploring for new gold deposits in Russia.<br/><br/>Polyus produced around 34 tonnes of gold last year and analysts have claimed they are not surprised by the investment announcement.<br/><br/>The gold producer's earnings before interests, taxes, amortisation and depreciation stood at $199 million last year, up 50 per cent from the year before.<br/><br/>Norilsk Nickel is a mining giant in Russia, an area that has some of the world's biggest untapped gold fields.<img alt="track" src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=8223231"/>

 

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