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37

Russian Gold Giant Announced Decline

Russian biggest gold and nickel producer Norilsk Nickel announced a decline

Russian biggest gold and nickel producer Norilsk Nickel announced a decline in its seasonal sales. The net profit declined to 11.24 billion roubles ($404 million) in the fourth quarter of 2004, down by 32.87 percent from the third.

The company said that it revaluated shares in gold producer Gold Fields to explain a drop in fourth-quarter profit.