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.
To contact the reporter on this story: Ilya Khrennikov in Moscow at email@example.com
To contact the editor responsible for this story: John Viljoen at firstname.lastname@example.org