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Norilsk Eyes Udokan License

Mining giant Norilsk Nickel is considering swapping some of its shares for Metalloinvest's Udokan copper field, Kommersant reported Thursday.

Norilsk Nickel shareholders — Interros, RusAl and Millhouse Capital —are discussing the price of the license to develop the largest undeveloped copper deposit in Russia, according to three sources familiar with the situation, Kommersant reported.

"The talks began in December," one source said. According to the source Metalloinvest wants to obtain Norilsk Nickel shares instead of cash.

(MT)

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