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The company is exploring for nickel deposits on its Langmuir property near Timmins, Ontario; for nickel-gold-copper on its Cleaver and Douglas properties; and for molybdenum and rare earth elements at recently acquired Desrosiers property.
Message: DJ Russian State Controls 50% Of Norilsk Nickel - Report
http://www.tradingmarkets.com/.site/...
MOSCOW, Dec 22, 2008 (Dow Jones Commodities News Select via Comtex) -- NLKNY | Quote | Chart | News | PowerRating -- The Russian state now controls about 50% of shares in mining giant Norilsk Nickel (GMKN.RS), after co-owner Vladimir Potanin used some of the company's shares as loan collateral to a state bank, Vedomosti daily reports Monday citing unnamed sources close to the company.
Billionaire Potanin, who owns around 30% of Norilsk's shares, has used about 20% of the company's stock as security on a $3 billion loan from state-controlled bank VTB (VTBR.RS), the paper says.
Last month, Russian media said UC Rusal had mortgaged 25% of Norilsk's shares to state development bank VEB.
The government doesn't yet intend to claim the shares for itself, the paper says.
Newspaper Web site: www.vedomosti.ru
-By Moscow Bureau, Dow Jones Newswires; +7 495 937 8445
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