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19

New Player On The World Gold Market

The company said that it intended to create a new, big, independent gold-mining company

Norilsk Nickel has consolidated all its gold-mining assets to form a separate gold producing company, Polyus Zoloto.

The company said that it intended to create a new, big, independent gold-mining company with significant internal growth potential and the opportunity to carry out its activity in Russia, one of the world's most promising gold-mining regions.

Polyus Zoloto is expected to produce 100 metric tons of gold annually by 2010, thus putting it in the top five of world gold producers.

Norilsk Nickel accounts for more than 20% of the world's production of nickel, 20% of cobalt and 3% of copper. It accounts for 96%, 95% and 55%, respectively, for domestic production of these metals.