Norilsk Chases Its Plan

Russian metals giant Norilsk Nickel is likely to increase the charter capital of its gold production unit Polyus as part of its announced scheme to move all its gold assets into a separate new entity.

The company spokesman said on Tuesday the company expects to raise its capital by 62 percent to 131,600 roubles by issuing 126 new ordinary shares with a face value of 400 roubles.

The shares will be sold to Norilsk for 36.6 billion roubles, which Norilsk will get back in exchange for a 20 percent stake in South African Gold Fields.