Norilsk Nickel, the Russian platinum group metals (pgms) producer, invested $351 million in improving production in 2002, the company's press service has announced.

The money was applied across the Norilsk group, with $117 million devoted to supporting and developing mining production, $20 million to mineral enrichment, $45 million to metallurgy and $20 million to the energy complex.

Norilsk also revealed that it is anticipating investment expenditure of between $300 and $500 million between this year (2003) and 2005, again with the goal of reaching productivity targets.

Norilsk Nickel is the largest Russian producer of non-ferrous and precious metals, including nickel, copper, cobalt, gold, silver, PGMs, palladium, selenium, tellurium, and many other mineral and metal products.

The company recently expanded westwards, by securing a deal to gain a controlling interest in American firm Stillwater Mining Inc.