Norilsk Nickel Plans to Buyback $500m shares

Mineweb reported that Russia’s Norilsk Nickel (MCX:GMKN) plans to buy back up to $500 million of its shares in 2015, after earnings of last year were raised due to a weaker rouble and higher metals prices.

As quoted in the market news,

As a major exporter, Norilsk has benefited from a 40 percent fall in the rouble against the dollar since mid-2014 as its costs declined in dollar terms and its products became more competitive on global markets.

Vladimir Potanin, Norilsk chief executive, stated

Management focus on financial efficiency backed by a favourable foreign exchange rate movement resulted in a strong EBITDA growth to $5.7 billion.

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