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Norilsk Says VTB to Gain Right to Siberian Copper-Mine Stake

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OAO GMK Norilsk Nickel, Russia’s largest mining company, said OAO VTB Bank will gain the right to a stake in a Siberian copper project after agreeing to provide as much as $1 billion to help finance its development.

“We agreed with VTB on $1 billion intermediate project financing for the Bystrinsky copper field,” subject to approval from Norilsk’s board, First Deputy Chief Executive Officer Pavel Fedorov said at a meeting. “VTB also will get an option to buy 25 percent in the project.”