Russian producer Nornickel plans to invest RUB90bn ($1.15bn) for modernization of its copper and nickel smelters in Monchegorsk, Kola Peninsula. The upgradation is likely to double the company’s copper production, according to local media reports.
The company has been called out for the pollution cloud over the Kola Peninsula due to its worn-out facilities. The company is thus looking at reconstruction of its facilities in the region. The company, in 2019 had floated plans to shutter its plant in Nikel, located on the Norway-Finland border, by the end of 2020. The move could reduce sulphur dioxide emissions by 50pc in the region from 2015 levels.
In August, the company revised its nickel production guidance upwards at 225,000-235,000mt from 225,000mt in 2019. Copper production is estimated to reach 55,000-65,000mt from 44,000mt in 2019.