| Other Photos |
 |
|
 |
Norilsk Nickel Gives Office to LionOre Managers
Russian metals giant GMK Norilsk Nickel is creating an international mining and metallurgical division to be headed by managers of Canada’s LionOre. By this move, GMK will keep word and ensure employment for managers of the new asset that will be winded up in the near term.
It was GMK Norilsk Nickel General Director Denis Morozov that first declared that the company would attempt to maintain management of the recently acquired LionOre of Canada. Yesterday, GMK announced they set up a new international mining and metallurgical division to be taken over by Peter Breese, Chief Operating Officer of LionOre. The division will emerge as a part of mining and metallurgical portion of GMK led by GMK Deputy General Director Tav Morgan.
When commenting on the new appointments, Tav Morgan hoped that the future of international division will be bright. Indeed, its foundation will be such advantages as combination of sulfides and laterite nickel production, availability of raw base, stable production growth, vast experience of top managers and advanced technology.
The appointments failed to inspire investors - Norilsk Nickel grew just 0.59 percent on RTS. But the evaluation of analysts was clearly positive. They say the overseas projects of the company will ensure up to 30 percent of revenues in 2007, which proves expediency of creating a separate business unit on their bases integrated into the common management structure of the company.
www.kommersant.com
All the Article in Russian as of Sep. 12, 2007
|
|
|
