Get 40% Off
☕ Buy the dip? After losing 17%, Starbucks sees an estimated 20% upside. See the top Undervalued stocks!Unlock list

Nornickel, Russian fisheries agency in talks to settle $806 million claim

Published 09/03/2021, 02:19 AM
Updated 09/03/2021, 02:20 AM
© Reuters. FILE PHOTO: The logo of Russia's miner Norilsk Nickel (Nornickel) is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. REUTERS/Sergei Karpukhin/File Photo

MOSCOW (Reuters) - Russia's Nornickel said on Friday it would discuss an out-of-court settlement with the state fisheries agency, which sought damages of 58.7 billion roubles ($806 million) from the metals miner over the 2020 Arctic fuel spill.

Nornickel, the world's leading nickel and palladium producer, had previously paid $2 billion for environmental damages from the leak of 21,000 tonnes of diesel into rivers and subsoil from a storage tank at its power plant in May 2020.

"Nornickel and the Federal Agency for Fisheries (Rosrybolovstvo) agreed to negotiate an out-of-court settlement of a lawsuit filed by the agency against one of the company's subsidiaries," Nornickel said in a statement.

The spill in Norilsk, an industrial city in the Arctic Circle, was Russia's worst environmental disaster in the Arctic this century, environmentalists say.

The state fisheries agency filed its claim in July saying the spill had polluted lakes, and rivers leading to the Kara Sea. It put the cost of work to restore aquatic bioresources at more than 55 billion roubles and estimated direct damage caused by death of fish at 3.6 billion roubles.

A court adjourned the proceedings for 60 days to allow the parties to negotiate the out-of-court settlement, including compensation for damage to aquatic bioresources, Nornickel said.

($1=72.8670 roubles)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.