19 Nov 2010 19:45

Russian govt hikes nickel export duty to 10%

MOSCOW. Nov 19 (Interfax) - The Russian government has increased the export duty on non-alloyed nickel to 10% from 5% in a move that could bring an extra 6.5 billion rubles into the state coffers next year.

The nickel duty was raised in line with resolution No. 892 signed November 12. The resolution takes force one month following its official publication.

The government is slapping a 10% export duty on copper at the same time.

The government's sub-commission on customs tariff policy recommended the new copper and nickel duties at the end of September.

The Finance Ministry estimates the 10% copper duty will bring another 8.8 billion rubles and the 10% nickel duty an extra 6.5 billion rubles into the budget in 2011.

Russia's biggest copper producers are MMC Norilsk Nickel , Urals Mining and Metals Company (UMMC) and Russian Copper Company (RCC).

Norilsk Nickel is the biggest nickel producer.