BHP Billiton invited by Norilsk Nickel to explore Iisk-Tagul property
By Ron Haruni · Mar 13, 2008 · Author's Website
JSC MMC Norilsk Nickel said it invited BHP Billiton Ltd., to explore the Iisk-Tagul copper and nickel property, the largest untapped nickel deposit in Russia, after winning the rights for it at an auction -Interfax reported.
Norilsk, the world’s largest producer of nickel and palladium, paid 726 million rubles approx. $30.7 million for the Iisko- Tagulsk field in the Irkutsk region of Siberia, the Moscow-based company said today in an e-mailed statement. Norilsk Nickel won an auction for the property with a 726 mln ruble bid.
However, it could cost 2.5 bln rubles to explore its 15,867 square kilometre area. It holds probably reserves of 7.5 mln tonnes of nickel, 3.5 mln tonnes of copper and 750 tonnes of platinum group metals.
Billionaire Oleg Deripaska, who’s trying to acquire control of Norilsk through his aluminum producer United Co. Rusal, didn’t bid in the auction after registering his mining company SMR for the bidding.
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