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Natural resources Norilsk Nickel: The Russian mining group said that it expected its nickel output, the world's largest, to return to growth during 2010 and to stem a decline in precious metal output as it finds ways to repay its $3 billion (£1.8 billion) of debt that will mature next year. It added that it would spend nearly $1.5 billion next year to upgrade its mines in the Russian Arctic and would also invest more than half that amount again in OGK-3, its power unit. Gazprom: The start of work on the giant Shtokman gasfield situated in the Russian Arctic will be delayed because of cost and financing problems, according to Total, the French oil company, which is one of Gazprom's partners in the $20 billion (£12 billion) project. Norilsk expecting 5.4 per cent palladium output drop in 2009 Norilsk Nickel expects its palladium output to decline by 5.4 per cent on a year-on-year basis in 2009, it was confirmed yesterday (9th December). The world's largest miner of the precious metal believes it will produce 2.669 million ounces this year, compared with the figure of 2.821 million ounces recorded in 2008. In addition, the company revealed that platinum production will fall from 659,000 oz to 633,000 oz, while nickel output has decreased from 299,721 tonnes to 285,000 tonnes. However, Chief Executive Vladimir Strzhalkovsky revealed that pgm output should improve in the coming years, telling Reuters that the "decline has stopped". He also announced that Norilsk will spend almost $1.5 billion next year in an attempt to improve its mines in the Russian Arctic and over $750,000 on its OGK-3 power unit. The company is contemplating launching a Eurobond, a domestic bond or selling treasury shares as it looks to raise cash to pay off a $3 billion debt which matures in 2010. "We are not pressed against a wall. We will be choosing, looking at the conditions on offer and will take money only when we need it," added Mr Strzhalkovsky. Norilsk is the world's largest nickel producer and also has interests in gold, copper and cobalt. 10.12.2009
Source: The Times, Platinum Today
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