Norilsk Abandons Nickel Mine

The Moscow Times reported Norilsk Nickel (LSE:MNOD) will not challenge the loss of its Voronezh nickel mine due to local opposition.

As quoted in the market news:

Norilsk Nickel lost a tender to develop the deposits to Ural Metals and Mining Company (UGMK) in May.

Earlier it had been reported that Norilsk Nickel had appealed to the Natural Resources and Environment Ministry over the outcome of the tender.

Explaining its decision to drop the challenge, the company cited the “consolidated opposition” of local residents and “the alarming claims of environmentalists” opposed to the project.

Click here to read the full Moscow Times report.