Norilsk Challenged by Ural Mining in Home Region, Interfax Says
Stock Chart for MMC Norilsk Nickel OJSC (GMKN)
OAO Norilsk Nickel, Russia’s largest mining company, is competing for a license in the Taimyr region, where it was founded, with billionaire Iskandar Makhmudov’s Ural Mining & Metallurgical Co., Interfax said.
The company, also known as UMMC, will bid against Norilsk for the southern part of the Norilsky-1 copper and nickel field, the Moscow-based newswire reported. The initial payment is set at 4.4 billion rubles ($151 million) and the tender results will be announced June 5, according to Interfax. UMMC overtook Norilsk as Russia’s largest copper producer last year.
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