Norilsk Nickel will boost production of platinum group metals (pgm) by two-fifths over the next decade or so.

The board of the company approved a $35 billion expansion plan that will see nickel production grow by at least 19 per cent, copper production by 49 per cent and pgm production by 42 per cent by 2025.

Norilsk says this will make in among the top five mining and metallurgy companies in the world in terms of market capitalisation.

The firm is already the world's largest producer of palladium and nickel.

Norilsk says it will achieve these targets by improving efficiency of production operations at the current deposit and initiating new projects in Russia.

"The company's resource base will be expanded considerably both through further geological exploration in the regions where it currently operates and through participation in new projects," it said in a statement.

Norilsk also expects production volumes to grow both for existing domestic and international assets.

This will be achieved by the development of concentration and metallurgical production facilities, modernisation of existing fixed assets and development of infrastructure projects, the miner said.

Norilsk also plans to commence production of coal, iron ore molybdenum, chrome and other metals.

Sources:

Norilsk Board Approves $35 Billion to Boost Production to 2025 (27/10/11)

The Board of Directors of MMC Norilsk Nickel approved the company’s production and technical development strategy (27/10/11) 

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