April 30, 2020 / 12:42 PM / 25 days ago

Russia's Nornickel draws down some credit lines

MOSCOW (Reuters) - Russian nickel and palladium producer Norilsk Nickel (GMKN.MM) said on Thursday it has drawn down some existing credit lines giving it cash of $5 billion to strengthen its financial position amid volatile commodity markets and in anticipation of paying a final dividend for 2019.

Together with untapped credit facilities, Nornickel’s total liquidity position currently exceeds $7 billion, which is sufficient to cover all debt maturities over the next three years without refinancing, the company said.

Reporting by Polina Devitt; editing by Jane Merriman

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