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.
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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