Russian metals group Norilsk Nickel said that its board had approved its budget for 2012, which envisages investing over USD 3 billion in its development.

The budget approval is the first step in realization of the company’s production and technical development strategy till 2025.

The budget of 2012 provides for a large scale investment program that exceeds USD 3 billion dollars, aiming further development of concentrating and metallurgical production, modernization of fixed assets and development of infrastructure projects.

Norilsk nickel will continue to implement projects of geological prospecting for the purpose of raw materials recovering. In 2012 the Company will invest in the geological prospecting more than USD 100 million besides considerable amounts will be spent on royalties in new areas.

In conformity with the construction plans, the Company will step on new projects. In particular, in 2012 the Company is planning to spend RUB 7.5 billion on development of the Chita project, including RUB 2.7 billion on designing and building of objects of infrastructure of the Bystrinskiy MPP.

Norilsk nickel will go on with the ecological program of sulfur recycling, as well as expand and develop the transportation and logistics complex.

The budget of 2012 provides for raising wages of personnel engaged in the production, further development of social programs, and further realization, within a joint effort with federal and regional authorities, of the package of social programs of resettlement and development of Norilsk municipal infrastructure.

Mr Dmitry Kostoev, Deputy General Director, Head of Economics and Finance Business Unit, declared that “The execution of the budget of 2012 will allow the company to realize the basic industrial and investment programs and objectives exposed in the Strategy of Development as well as carry out all social obligations of the Company within the boundaries of the Company’s presence.”