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Bloomberg reported that in an interview last week, Vladmir Potanin, CEO of Norilsk Nickel (MCX:GMKN), said the company’s owners have cleared the way for it to carry out a $6.5-billion investment plan by next year without asking for preliminary approvals.
Bloomberg reported that in an interview last week, Vladmir Potanin, CEO of Norilsk Nickel (MCX:GMKN), said the company’s owners have cleared the way for it to carry out a $6.5-billion investment plan by next year without asking for preliminary approvals.
As quoted in the market news:
The shareholders lifted a cap on annual spending, giving the nickel producer’s management the right to decide when and how to spend the total amount set aside for 2013 through 2015, billionaire Potanin said in an April 24 interview.
‘This opens the way for us to boost the investment element in total capex and carry out new projects,’ Potanin said. Norilsk generated $2.4 billion of free cash flow in 2013 as it cut costs and reduced working capital by $1 billion.