MMC Norilsk Nickel

MMC Norilsk Nickel

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MMC Norilsk Nickel

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Description:
MMC Norilsk Nickel (, , , ) () is a nickel and palladium mining and smelting company. Its largest operations are located in the Norilsk–Talnakh area, in northern Russia. MMC stands for "Mining and Metallurgical Company".

Norilsk Nickel is headquartered in Moscow and is the world's leading producer of nickel and palladium. The company is also active in platinum, copper and cobalt. It is ranked among the top four world platinum producers, in association with subsidiary Stillwater Mining Company of Billings, Montana. It is ranked among the top ten copper producers.

The company is listed on NASDAQ and the RTS Stock Exchange. The key shareholders are Vladimir Potanin's Interros and Oleg Deripaska's Rusal: each reportedly owns over 25% of shares. In December 2010, Norilsk offered to buy out Rusal's share for US$12 billion; but the offer was declined.

History

Mining began in the Norilsk area in the 1920s. The government of the USSR created the "Norilsk Combine" in 1935 and passed control to the NKVD at that time. In 1943 Norilsk produced 4 thousand tons of refined nickel and in 1945 hit the target figure of ten thousand tons. Mining and metal production continued first with Gulag forced labour, later with much volunteer labour, owing to the comparatively good wages offered.

In 1993 after the fall of the Soviet Union a joint-stock company was created: RAO Norilsk Nickel. Two years afterwards control over the deeply indebted company,...
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