Wednesday, 16th February 2005 (2745 views)

The gold business of Russian metals firm Norilsk Nickel has announced it is ready to launch direct gold exports to international markets.

Norilsk hopes to produce 1.09 million ounces of gold in 2005, which works out at roughly the same as last year.

Yevgeny Ivanov, president of Norilsk Nickel's Polyus gold unit, commented: "Our first export contract has been signed and is ready.

"We have not got the licence (from Russian authorities) but once we get it our first export contract will be launched."

It is hoped direct exporting will help cut export costs for the firm and plans to spend around $2.3 billion on exploration, development and acquisitions between 2005 and 2010.

Polyus produced around 34 tonnes of gold last year.

 

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