OAO GMK Norilsk Nickel (GMKN), the world’s biggest miner of the metal, signed a memorandum of understanding with Italy’s Techint Group to develop a project that utilizes sulfur oxide to reduce ecological harm.
The total cost of the project, which was announced during a meeting of Russian Prime Minister Dmitry Medvedev and his Italian counterpart Mario Monti today, could reach $1.8 billion.
The first phase of the deal may cost $170 million, while the whole project should be realized in 2015 trough 2016, Vladimir Strzhalkovsky, Norilsk’s chief executive officer, told reporters after the signing ceremony.
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