Asianfin -- MMC Norilsk Nickel PJSC, Russia's largest mining company, is in advanced negotiations to establish a major copper smelter on China’s southern coast, according to sources familiar with the matter.

The facility, planned for Fangchenggang in the Guangxi region, would produce up to 500,000 tons of refined copper annually using copper concentrate supplied from Russia, said the sources, who requested anonymity due to the sensitive nature of the information. The project is aimed at moving final processing closer to China, the world's largest metals market.

Nornickel, as the company is commonly known, has been exploring potential joint projects in China since early this year, driven by increasing sanctions on Russian commodities. The company’s president, Vladimir Potanin, confirmed this strategic focus in April.