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MOSCOW, May 21. /ITAR-TASS/. Russian metals giant Norilsk Nickel has signed an agreement to sell two enterprises in Australia, Norilsk Nickel said on Wednesday.Norilsk Nickel will sell its Avalon and Cawse nickel assets currently held in care and maintenance in Western Australia to Wingstar Investments Pty Ltd., the statement said.
“As a result of this transaction, the Company expects to realize a significant gain, primarily through a release of previously recognized environmental and asset retirement provisions,” Norilsk Nickel said, without disclosing the sum of the deal.
Under the agreement, Wingstar will assume all environmental rehabilitation obligations related to the assets,
The deal is expected to be closed in the second half of 2014.
Norilsk Nickel is a diversified mining and metallurgical company, the world’s largest producer of nickel and palladium, and a leading producer of platinum, cobalt, copper and rhodium. The company also produces gold, silver, iridium, selenium, ruthenium and tellurium. Norilsk Nickel has production units in Russia, and also in Finland, Australia, Botswana and South Africa.