Norilsk, Techint Sign Accord for $1.8 Billion Ecology Project

OAO GMK Norilsk Nickel (GMKN), the world’s biggest miner of the metal, signed a memorandum of understanding with Italy’s Techint Group to develop a project that utilizes sulfur oxide to reduce ecological harm.

The total cost of the project, which was announced during a meeting of Russian Prime Minister Dmitry Medvedev and his Italian counterpart Mario Monti today, could reach $1.8 billion.

The first phase of the deal may cost $170 million, while the whole project should be realized in 2015 trough 2016, Vladimir Strzhalkovsky, Norilsk’s chief executive officer, told reporters after the signing ceremony.

To contact the reporter on this story: Henry Meyer in Moscow at hmeyer4@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

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