Vladimir Potanin, president and co-owner of Russian mining giant Nornickel, confirmed on Tuesday that negotiations for a joint copper smelting venture with Chinese partners were progressing, with a Chinese government-approved concept expected to take clearer shape by the summer. His remarks came during the congress by the powerful business lobby group Russian Union of Industrialists and Entrepreneurs (RSPP).
Speaking during the congress’s main session President of Russia Vladimir Putin expressed support for Russian businesses looking to expand into regions such as Asia and Africa, reinforcing the importance of economic partnerships with nations Russia calls “friendly”.
“Investing [abroad] is possible. The world is vast, the world is colossal, so you need to invest where profitable for Russia, where the returns are high, and investments are reliably protected”, Putin said. “Our colleagues invest both in Africa and in Asia. Where they invest, they need it for production here in Russia. Some are relocating production facilities because from there it’s easier to operate in global markets”.
Nornickel had previously announced plans to inaugurate new smelting operations in China to process raw materials from its palladium-rich copper and nickel ore reserves in the Russian Arctic city of Norilsk. The new factory is expected to produce matte, an alloy containing a mix of valuable metals such as nickel and copper, and commercial grade sulfuric acid as a by-product.
Speaking to Russian media at the Union congress, Potanin, whose investment vehicle owns a third of Nornickel, said that Russian businesses have learned to perform under Western sanctions and are learning to operate in the face of economic headwinds. Potanin’s group Interros also owns stakes in Russian banks, medical and technology startups.
While some signs of improved relations with Western partners are emerging, Potanin said, Russian firms remain cautious due to past hostility.
“Many of our companies, and indeed our economy as a whole, have suffered significantly from the inconsistent behavior of our partners. Therefore, we have no reason to welcome these first signals of warming with open arms. We continue to operate in the same mode, although, of course, we will be ready to establish these connections with our old partners”, Potanin said.
In late February 2025, U.S. President Donald Trump reportedly hinted at Russia-U.S. economic cooperation saying “major economic development transactions with Russia” were expected to take place, suggesting potential joint initiatives once the Russia-Ukraine conflict was resolved.
WIthin days Putin responded by expressing theoretical readiness to cooperate on mineral exploration of Russia’s rare earth metals deposits jointly with U.S. partners, as well as the supply of aluminum to the U.S. domestic market. On Russian state television, Putin said Moscow “would be ready to offer (joint projects with) our American partners… if they showed interest in joint work”.
