Norilsk Nickel re-registered Bystrinsky GOK to Russia – Kommersant
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Mining and Metallurgical Company Norikel (MOEX: GMKN) completed the re-registration of the Bystrinsky mining and processing plant (GOK), located in Transbaikalia, into Russian jurisdiction. The Cyprus company GRK Eastern Geology Limited was excluded from the ownership structure of the mining and processing plant. The new holding company of the plant has become JSC Holding Company Bystra, the press service of Norilsk Nickel reported.
“GRK Eastern Geology Limited, which is in the process of liquidation, has been excluded from the ownership structure of Bystrinsky GOK. Its shareholders received shares of Bystra Holding Company in proportion to their shares in the authorized capital. Thus, the distribution of shares among Bystra shareholders remained unchanged: Norilsk Nickel – 50.01%, Interros – 36.66% and United Resources Limited (structure of the Hopu Investments fund) – 13.33%,” the statement says. message on the company website.
Norilsk Nickel President Vladimir Potanin noted that the move to Russian jurisdiction will allow Bystrinsky GOK to protect the interests of all shareholders, as well as maintain high standards of corporate governance and invest in the Russian economy, including in the regions of the Far East.
The Bystrinsky Mining and Processing Plant mines and processes ore in an open-pit manner and produces copper, iron ore and gold concentrates. Traditionally, the plant exports ore to China and, according to industry agency Metals & Mining Intelligence, last made deliveries to the domestic market in early 2022. However, as Kommersant learned, in November the Bystrinsky GOK shipped iron ore to Russia for the first time in two years.
Read more in the Kommersant article. “China has turned its back on Siberian ores”.
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