By Maria Kolesnikova and Ilya Khrennikov
Sept. 30 (Bloomberg) -- OAO GMK Norilsk Nickel, Russia’s largest mining company, expects the government to resume a 5 percent duty on nickel exports from next year, Chief Executive Officer Vladimir Strzhalkovsky said.
“We expect the old duty to be reintroduced in 2010,” Strzhalkovsky said in an interview at a VTB Capital investment conference in Moscow today.
The government’s Commission for Protective Measures in Foreign Trade said yesterday on its Web site that Russia may impose a 5 percent nickel duty from Dec. 1.
Russia annulled the 5 percent duty and a 10 percent tariff on copper cathode, a finished form of the metal, in January after prices plunged. Metals have rebounded since then.
“Copper production costs are fairly high and the government shouldn’t rush to reintroduce the tax,” Strzhalkovsky said today.
To contact the reporter on this story: Maria Kolesnikova in Moscow at +7-495-771-7707 or mkolesnikova@bloomberg.net; Ilya Khrennikov in Moscow at +7-495-771-7747 or ikhrennikov@bloomberg.net
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