It also announced plans to tempt Western investors with an issue of American Depository Receipts, share look-alikes backed by company equity that can be purchased abroad.
Officials from Norilsk, one of the world's biggest nickel, platinum and palladium producers, said nickel production rose nearly 11 percent last year.
But Norilsk is locked in a dispute with commercial bank Uneximbank, the temporary guardian of a 38 percent stake in the company. Economy director Vladimir Mekhanik said Norilsk had appealed to First Deputy Prime Minister Oleg Soskovets to sort out the quarrel and a meeting could take place soon.
"We understand they have the right to claim concrete functions in terms of management, but we have conditions. There should be a parity and balance of interests and the issue is how we will jointly manage the shares," he said.
The firm reported pre-tax profits of 5.47 trillion rubles ($1.16 billion) in 1995, after 2.11 trillion in 1994.
Vladimir Mekhanik, Norilsk's finance and economics director, said Monday that the company is "now in the first stage of issuing ADRs with Bank of New York and Merrill Lynch," a move that could attract significant foreign capital to the firm. He said Coopers & Lybrand was auditing the company to international standards, and that the task would be finished before a planned Norilsk shareholders meeting in May.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.