Norilsk Nickel has concluded the process of changing the jurisdiction of its Bystrinsky mining and processing plant (MPP) to become 100% Russian-owned by excluding a Cypriot company GRK EASTERN GEOLOGY LIMITED (currently being liquidated) from its ownership structure.
The Cypriot company's shareholders received shares of Holding Company BYSTRA in proportion to their stakes in the authorised capital, thus the distribution of shares among the shareholders of Bystra remained unchanged: Nornickel — 50.01%, Interros — 36.66% and United Resources Limited (a structure of the HOPU Investments fund) — 13.33%.
Vladimir Potanin, President of Nornickel, said: “Bystra is one of Nornickel’s most modern businesses. The move to the Russian jurisdiction will allow our Zabaikalsky asset not only to protect the interests of all shareholders, but also to maintain high standards of corporate governance and invest in the domestic economy, including the Far East regions”.
The exclusion of the Cypriot company from the ownership structure of Bystrinsky GOK was made possible by an order of the President of the Russian Federation signed on 13 June 2023.
The Bystrinsky MPP mines and processes ore from the Bystrinsky polymetallic deposit using open pit mining methods and produces copper, iron ore and gold concentrates. It is a state-of-the-art production facility that utilises the latest equipment and employs advanced technologies. Bystrinsky prioritises constructive industrial policy, production efficiency and safety, and addressing environmental issues.
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
