Bonds 08 May 05 20:58 Norilsk Nickel has no stockpile sales...

Bonds
08 May 05 20:58

Norilsk Nickel has no stockpile sales
Bloomberg
LONDON – OAO GMK Norilsk Nickel, the world’s biggest nickel producer, has no stockpiles to supplement sales this year, adding to a shortage of immediate supplies of the metal used to rustproof steel.
Norilsk Nickel will produce between 242,000 and 245,000 tonnes of nickel this year, little changed from the 243,000 tonnes it produced last year, Dmitry Usanov, head of investor relations, said by telephone from Moscow.
“We already sold 70,000 metric tonnes of extra stocks during 2003 and 2004,” Usanov said. “Now we have only enough to supply to our customers.” Nickel for immediate delivery on the London Metal Exchange traded at $16,795 as of 4.44pm local time (10.44pm Bangkok time), $750 more than metal for delivery in three months. The gap was $800 on Thursday, the widest since the early 1990s, according to Deutsche Bank.

AFX News Limited
Australia's Minara restarts nickel production after scheduled shutdown
05.09.2005, 12:42 AM

SYDNEY (AFX) - Australia's second largest nickel producer, Minara Resources Ltd, said a scheduled three-week plant-wide shutdown at its Murrin Murrin operations in Western Australia is now substantially complete.

The company produces nickel at the Murrin Murrin plant, which is a 60-pct-owned joint venture with Switzerland-based Glencore International AG.

It said the front end of the plant had already started operations, and the rest of the plant will be progressively brought on line over the next 5-7 days.

The refinery, which has operated since Friday, has now completed processing material which was previously built up as inventory before the shutdown.

The 19 mln aud shutdown and maintenance program, which commenced on April 16, was completed within budget.

Minara said a number of new capital projects were also commissioned to further enhance plant stability.

At design capacity, the Murrin Murrin plant produces 40,000 metric tons of London Metal Exchange A grade nickel metal at a cash cost of 2.00-2.40 usd a pound, making it one of the world's largest and lowest cost nickel producers.



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