From Investing.com: 2024-07-09 07:15:46

Russian mining giant Nornickel is in talks with China Copper to relocate its smelting base to China, marking Russia’s first domestic plant move. The joint venture aims to produce copper within China, where it is most consumed. The new facility is expected to have a capacity of 450,000 tonnes annually, equivalent to 2% of global copper supplies. Nornickel is relocating its plant following new restrictions by the London Metal Exchange in April, impacting its product sales and storage options. China’s Chinalco-owned China Copper is the only interested party in forming a joint venture due to its central government backing, unlike other Chinese state-owned producers. The new plant is expected to be operational by mid-2027 and will receive 2 million tons of copper concentrate annually from Nornickel, catering to China’s high copper demand for various industries.



Read more at Investing.com: Exclusive-Nornickel in talks with China Copper to move smelting plant to China, sources say By Reuters