The Russian authorities allowed Norilsk Nickel to retain its depositary receipt program for one year, the company said in a statement.
The nickel and palladium giant obtained permission for its ADRs to continue trading through late April 2023, it said in a statement. The approval gives time “to assess the existing opportunities, as well as to work out the necessary decisions aimed at maintaining investment attractiveness in the long term,” it said.
In mid-April, Russian President Vladimir Putin signed a law banning all russian companies from foreign stock exchanges.
Nornickel’s ADRs are held not only by minority investors, but by major shareholders too, including billionaire Vladimir Potanin, allowing them to receive dividends in dollars rather than in rubles.
Norilsk Nickel is a diversified mining and metallurgical company, the world’s largest producer of palladium and high-grade nickel and a major producer of platinum and copper. The company also produces cobalt, rhodium, silver, gold, iridium, ruthenium, selenium, tellurium and other products.
The production units of Norilsk Nickel Group are located at the Norilsk Industrial District, on the Kola Peninsula and Zabaykalsky Krai in Russia as well as in Finland.