Norilsk revenues up
Friday, June 13, 2008
In its consolidated financial results for the year ending 31 December 2007 released this week, the Group's revenue was up by 44 percent.
During the year under review, Tati Nickel Mine produced 14,000 tonnes of saleable nickel. Saleable copper from the same mine was 9,000 tonnes, while platinum was at 6,000 ounces. Tati Nickel contributed 31, 000 ounces of palladium to the overall Norilsk production for the year.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...