The total volume of Norilsk Nickel's capital investments in 2023 will grow by 10% by the end of this year, to $4.7 billion.
This year, Norilsk Nickel's capital investments will grow by 2 times, amounting to more than 250 billion russian rubles, Sergey Dubovitsky, Senior Vice President and head of the strategy, logistics and resource support unit of Norilsk Nickel, reported earlier.
Next year, Norilsk Nickel expects the peak of its investment cycle.
The investment program of 2023 provides for the financing of key projects, such as the "Sulfur Program 2.0", mining projects, projects to maintain the infrastructure of the fuel and energy complex of the Norilsk industrial district and the replacement of equipment and capitalized repairs, as well as social projects.
Norilsk Nickel once again notes the voluntary (i.e. not conditioned by sanctions) refusal of foreign partners to cooperate with the company.To respond to this challenge, a set of measures aimed at maintaining operational activities and achieving the planned production and investment plans has been developed and is being implemented.The main initiatives include adjusting the sales strategy, import substitution of equipment and technology suppliers, building new logistics chains and entering other markets and financing instruments, Norilsk Nickel explained.
The budget should provide the necessary financing for the implementation of the company's long-term development strategy, its key strategic and sustainable development projects, and at the same time is aimed at maintaining financial stability in the face of current geopolitical risks and new challenges.
The company also intends to continue fulfilling its social obligations and financing activities aimed at improving the reliability of fixed assets and reducing environmental impact.The budget was adopted by the board of directors unanimously, the company noted.The budget has been drawn up taking into account current external challenges and is aimed at achieving high performance in conditions of external turbulence.
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