Norilsk to borrow up to 70bln rbls

MOSCOW: Russia's Norilsk Nickel plans to borrow up to 70 billion roubles ($2.3 billion) in loans from the country's top lender Sberbank , the miner said on Tuesday.

Norilsk, the world's largest nickel and palladium producer, said that its board of directors agreed to borrow up to 9 billion roubles and up to 61 billion roubles in two credit lines, both with up to five years maturity under a rate of 9.5 percent.

Norilsk spokeswoman told Reuters the company plans to use funds for strategic goals and to finance operation expenses.