DJ Russia's Norilsk Nickel Eyes Nickel Asset Buys - Prime-Tass
ZAPOLYARNY, (Dow Jones)--Russia's largest metals producer, Norilsk Nickel Mining & Metallurgical Co. (NILSY), plans to acquire new nickel assets, Chief Executive Denis Morozov said Friday, according to Prime-Tass news agency.
"We are always monitoring the market and will definitely make acquisitions," Morozov told reporters, declining to provide details on the company's plans.
He said Norilsk Nickel will also soon reveal plans with regard to Canada's LionOre Mining International Ltd. (LIM.T). Norilsk Nickel is battling Swiss company Xstrata PLC (XTA.LN) to acquire LionOre, an international nickel and gold producer with operations in Australia, Botswana and South Africa.
In June, Norilsk Nickel is expected to present plans on joint exploration projects in Russia with Australia's BHP Billiton Ltd. (BHP) and U.K.-Australian mining group Rio Tinto Ltd. (RIO.AU).
Morozov added that the company would continue the development strategy set out by former Chief Executive Mikhail Prokhorov.
Norilsk Nickel is one of the largest metals producers in the world, accounting for 20% of all nickel produced. It also produces 40% of the world's palladium, 10% of its cobalt and 3% of its copper.
Agency Web site: http://www.prime-tass.com
(END) Dow Jones Newswires
05-18-07 1157ET
LIM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
