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Norilsk Nickel approves US$2B capital budget for FY'17

PJSC MMC Norilsk Nickel has budgeted total capital expenditures of US$2 billion for 2017, including US$450 million for its Bystrinsky copper project in Russia, it said on Dec. 19.

According to the company's CFO, Sergey Malyshev, "The 2017 budget allows us to maintain our rational investment profile and further improve operating efficiency to generate high return on capital."

Norilsk Nickel plans to launch the Bystrinsky project on time to boost its copper and gold output in the 2018-to-2020 period.

The Bystrinsky project is anticipated to produce first metal by the end of 2017.