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Norilsk Nickel to sell 39% stake in Bystrinskiy copper project

PJSC Mining and Metallurgical Co. Norilsk Nickel approved the sale of a 39.32% stake in the Bystrinskiy copper project to a Russia-focused natural resources fund, the CIS Natural Resources Fund, established by Interros Group and ESN Group.

The project will be valued at US$730 million for the transaction, the same valuation used for the 10.67% stake sale in June 2016 to a group of Chinese investors called Highland Fund.

If Highland Fund buys an additional 2.66% stake in the project for US$20 million, the project value will be adjusted to US$750 million, according to a Jan. 25 release.

The transaction will be subject to a right of first refusal by Highland Fund and is expected to close by the end of 2017.