MOSCOW, Aug 15 (Reuters) – Russia’s Norilsk Nickel reported a 3 percent fall in first-half core earnings on Tuesday, missing analysts’ forecasts, due to a stronger rouble and a jump in social expenses. The mining giant, known as Nornickel, said “one-off” costs lifted its social expenses to $196 million in the first half from $57 million a year ago.
This included the second tranche of a previously announced investment in a ski resort used in the 2014 Sochi Olympics and the provisional cost of a long-term social agreement with the Zabaikalsky region, where some of its deposits are located.
Its first-half earnings before interest, taxation, depreciation and amortisation (EBITDA) fell 3 percent year on year to $1.7 billion. Analysts polled by Reuters had expected first-half EBITDA at $1.8 billion. Continue Reading →