Norilsk Nickel Hires Citigroup to Sell Mines in Australia
OAO GMK Norilsk Nickel (GMKN), the largest producer of the metal, hired Citigroup Inc. (C) to help sell its Australian portfolio that includes four nickel mines currently idled because of low prices and high production costs.
The company has sent out fliers to prospective buyers to acquire the assets, an Australia-based company spokesman, who asked not to be named citing company policy, said by phone. Norilsk in 2010 said it had plans to divest most of its Australian assets it acquired in 2007 through the C$6.8 billion ($6.5 billion) acquisition of LionOre Mining International Ltd.
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