Russia likely to abolish export duty on nickel
Ria-Novosti reported that Russian government will issue an order abolishing a 5% export tariff on nickel and cutting substantially a 10% tariff on some copper alloys.
Ria-Novosti quoted Mr Vladimir Putin PM of Russia as saying that
"This should apply not only to Norilsk Nickel, but to all companies which work in this sector."
At the end of December, the government's Commission for Protective Measures in Foreign Trade, responsible for drafting government orders on customs tariffs, recommended that the tariffs on nickel and refined copper be scrapped.
Norilsk Nickel has said it expects revenues to decline drastically to USD 8 billion in 2008 as compared with USD 17.1 billion in 2007.
Other nickel producers in Russia are Ufaleynickel, which stopped production in October, and Yuzhuralnickel, a unit of steel maker and coal producer Mechel.
(Sourced from Ria-Novosti)
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