Norilsk to Sell Australian Nickel Assets

Reuters reported that Russia’s Norilsk Nickel (MCX:GMKN) will sell its Australian nickel assets, Avalon and Cawse, to Wingstar Investments Pty Ltd., an investment firm. The deal, which is subject to regulatory approval, is expected to close in the second half of 2014.

As quoted in the market news:

Norilsk, partially owned by Russian tycoon Vladimir Potanin and aluminium giant Rusal, decided last year to focus on core domestic operations, selling off assets in Australia, South Africa and Botswana.

Norilsk declined to disclose the value of the deal with Australia-focused Wingstar Investments. Production at Avalon and Cawse was suspended in 2003 and 2008, respectively.

Click here to read the full Reuters report.