Nornickel, which had three industrial accidents within seven weeks in the middle of this year and gave up most of its profit for the first half due to a record environmental fine, announced this week that it would invest $1.3 billion in safety improvements in Siberia.
Despite a 7% increase in revenues in the first half, Nornickel saw its profit drop by 98.5% compared with the first six months of 2019 as a result of the outstanding $2.1-billion fine. It reported a profit of $45 million for the first half of this year, compared with $3 billion a year earlier.A 21,163-tonne oil leak on May 29 at a Nornickel subsidiary, Norilsk-Taimyr Energy Company (NTEC),...