Norilsk Nickel to undergo restructuring
The shareholders of Russia"s largest metal producer, Norilsk Nickel, will discuss the company"s reorganization at an extraordinary meeting on 30 September to divest its gold mining assets, the company"s news office said.
In its restructuring effort, Norilsk Nickel will divest the recently established Polyus Zoloto public company and transfer the shares of its close-ended company, Polyus, and $350 million in cash to it. After that, the shares of Polyus Zoloto will be distributed among Norilsk Nickel shareholders proportionately.
Polyus Zoloto will be able to raise funds through public subscription and sell its shares freely.
Norilsk Nickel is one of the world"s largest precious and non-ferrous metal producers, accounting for over 20% of the world"s nickel output, and over 10% of the cobalt and 3% of the copper. Norilsk Nickel produces 96% of the nickel, 55% of the copper and 95% of the cobalt in Russia.
In its restructuring effort, Norilsk Nickel will divest the recently established Polyus Zoloto public company and transfer the shares of its close-ended company, Polyus, and $350 million in cash to it. After that, the shares of Polyus Zoloto will be distributed among Norilsk Nickel shareholders proportionately.
Polyus Zoloto will be able to raise funds through public subscription and sell its shares freely.
Norilsk Nickel is one of the world"s largest precious and non-ferrous metal producers, accounting for over 20% of the world"s nickel output, and over 10% of the cobalt and 3% of the copper. Norilsk Nickel produces 96% of the nickel, 55% of the copper and 95% of the cobalt in Russia.