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Kola GMK re-equips for billions

Investment program for the mining and metallurgical company aims to bring the production up-to-date.

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RUB 2,7 billion (€69 million) will be invested in 2012 for re-equipment of Kola GMK, Norilsk-Nickel writes in a press-release. Another RUB 14,4 billion (€370 million) will be invested in the company’s smelters and mines in Norilsk on the Taimyr Peninsula.

The investments into re-equipment and replacing the out-of-repair equipment is 2,3 times higher than what was spent in 2011.

The large-scale investment program is in line with Norilsk-Nickel’s development strategy for the years till 2025. Kola GMK operates mines in Zapolyarny and smelters in Nikel and Monchegorsk on Russia’s Kola Peninsula.

Last December, Norilsk-Nickel said the ore reserves growth on the Kola Peninsula is expected to reach 70 million tons by 2025. The growth includes 750.000 tons of nickel and 340.000 tons of copper.