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23

Norilsk Unit Raises Gold Exports

The head of Norilsk Nickel's subsidiary Polyus Yevgeny Ivanov said on Friday that the company plans

The head of Norilsk Nickel?s subsidiary Polyus Yevgeny Ivanov said on Friday that the company plans to invest a total of $2.3 billion in various projects over the next five years.

Ivanov said that the company intends to raise its direct gold exports next year from around 15 tons in 2005.

By the way, last month Polyus received a license to export the gold it produces directly without using the service of intermediary banks.

?We think that we can sell without intermediaries,? Ivanov said, adding that next year?s export volume would depend on how well this year?s transaction goes and logistical capabilities.