Russian mining giant and the world’s top palladium and refined nickel producer, Norilsk Nickel (Nornickel) plan to increase the equity holdings of employees and other individuals to collectively comprise 25% of the company, up from 10% now.
The change would be included in a 10-year programme called “Digital Investor” that would begin in 2023. Vladimir Potanin’s holding, Interros, owns 36% of Nornickel. He also said the firm is preparing to reorient itself more towards Asian markets, to guard against any change in the West’s sanctions policy.
Nornickel was one of the biggest prizes in the post-Soviet carve-up of Russian industry in the 1990s, and it currently employs 72,000 people. Potanin in July floated the idea of a $60 billion merger of Nornickel with Rusal, an Aluminium producer which owns 26% of the company which earlier was a means of mitigating possible sanctions risks, but on Saturday Potanin said the idea had been postponed till their colleagues are ready for talks.