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Norilsk Tolling Approved

Norilsk Nickel won approval from the Economic Development Ministry to avoid paying duty on metal processed for export from imported concentrate, deputy CEO Sergei Buzov said Wednesday.

Norilsk completed its first trial shipment of nickel and copper concentrate from Votorantim Metais in Fortaleza, Brazil, for processing at its plant in Murmansk, Buzov said. The nickel producer may also process concentrate from its Australian and Asian mines, he said.

Companies including United Company RusAl have used so-called tolling arrangements, arguing that use of imported materials to produce exports isn't subject to local duties. Nickel and copper exports are taxed at 10 percent of their customs value.

(Bloomberg)

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