Norilsk Nickel is called to Chukotka

Norilsk Nickel has considered Baimskaya copper-porphyry area of Roman Abramovich’s Millhouse “potentially first-class asset" and admits its the participation in the project. But, according to the Kommersant’s information, a detailed discussion will be possible only after 2019, when there will be a feasibility study and a decision on energy infrastructure. The development of Baimka is estimated at 100 billion, 70% of the funds are planned to be taken from VEB or co-investors. Norilsk Nickel has only one major project after 2018-2019, and Chukchi copper may be interesting for the company, analysts say.

Norilsk Nickel is considering the possibility of participation in greenfield copper projects in the Far East, the company’s presentation reports. It talks about the Baimskaya area, owned by Roman Abramovich's Millhouse, vice-president of Norilsk Nickel Sergei Dubovitsky specified. According to him, the deposit is studied and explored enough. "The preliminary indicative shows that this is potentially a first-class asset, we look at it in a long list of possibilities," - he said. Millhouse declined to comment. But two sources of the Kommersant, familiar with the situation, said that Norilsk Nickel was really ready to consider the participation in Baimka. At the end of 2012, Roman Abramovich acted as a "white knight" in the conflict of co-owners of Norilsk Nickel Vladimir Potanin and Oleg Deripaska, in the settlement of which Crispian Investment Ltd of Abramovich and Alexander Abramov became a shareholder of Norilsk Nickel (now owns 6.3% of the shares).