ALL THAT GLITTERS. Norilsk Nickel shareholders are cashing in on high copper prices. The $48 billion Russian nickel producer is spinning off its Bystrinsky copper and gold mine, which generates $717 million of EBITDA. JPMorgan reckons the asset, of which NorNickel owns just over half, is worth around $6.3 billion based on spot prices. The deal’s proceeds would be distributed among shareholders. The decision may sweeten investors ahead of a tussle over dividends between Interros, controlled by Chief Executive Vladimir Potanin, and aluminium producer Rusal. Coffers were stretched by a record $2 billion fine for a fuel spill last year. Interros is calling for lower payouts to fund investment in production and reducing the spill’s environmental impact. Rusal last year resisted a cut. The promise of a payout, after approvals which could take two years, may smooth negotiations. (By Dasha Afanasieva)