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NORNICKEL REPORTS FIRST HALF 2019 INTERIM -3-

DJ NORNICKEL REPORTS FIRST HALF 2019 INTERIM CONSOLIDATED IFRS FINANCIAL RESULTS

MMC Norilsk Nickel (MNOD) 
NORNICKEL REPORTS FIRST HALF 2019 INTERIM CONSOLIDATED IFRS FINANCIAL 
RESULTS 
 
20-Aug-2019 / 14:31 MSK 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
           PRESS RELEASE 
 
       Public Joint Stock Company «Mining and Metallurgical Company «NORILSK 
            NICKEL» 
 
       (PJSC «MMC «NORILSK NICKEL», «Nornickel», the «Company», the «Group») 
 
   NORNICKEL REPORTS FIRST HALF 2019 INTERIM CONSOLIDATED IFRS FINANCIAL 
     RESULTS 
 
      Moscow, August 20, 2019 - PJSC MMC Norilsk Nickel, the largest refined 
  nickel and palladium producer in the world, reports IFRS financial results 
           for six months ended June 30, 2019. 
 
           1H2019 HIGHLIGHTS 
 
  · Consolidated revenue increased 8% y-o-y to USD 6.3 billion owing to 
  output growth of all key metals and higher palladium price; 
 
  · EBITDA expanded 21% y-o-y to USD 3.7 billion owing to higher metal 
  revenue and the ramp-up of the Bystrinsky copper project, with EBITDA 
  margin reaching 59%; 
 
  · CAPEX was almost unchanged from last year amounting to USD 0.5 billion. 
  The Company made final investment decisions on strategic growth projects 
  such as the expansion of the Talnakh concentrator (TOF-3 project) and the 
  South Cluster mining project, with the active construction phase scheduled 
  to start in 2H19; 
 
  · Net working capital temporarily increased to USD 1.3 billion as a result 
  of scheduled amortization of advance payments for delivered metals from 
  customers; 
 
  · Free cash flow amounted to USD 2.2 billion; 
 
  · Net debt/EBITDA ratio decreased to 0.8x as of June 30, 2019; 
 
  · Cash interest paid decreased 23% to USD 202 million owing to the ongoing 
  optimization of debt portfolio; 
 
  · On February 12, 2019, Moody's upgraded the Company's credit rating to 
  "Baa2" with a "Stable" outlook in the wake of raising Russia's sovereign 
  ceiling for foreign currency debt to "Baa2" and upgrade of Russia's 
  sovereign rating to investment grade level of "Baa3" with "Stable" 
  outlook. 
 
           RECENT DEVELOPMENTS 
 
  · On July 1, 2019, the Company paid final dividend for 2018 in the amount 
  of RUB 792.52 (approximately USD 12.56) per ordinary share for the total 
  amount of approximately USD 2.0 billion; 
 
  · On August 20, 2019, the Company's Board of Directors recommended to the 
  General Meeting of shareholders (EGM) to approve interim dividend for the 
  first half of 2019 in the amount of RUB 883.93 per share (USD 13.27 at the 
  RUB/USD exchange rate the Russian Central Bank as of August 20, 2019) for 
  the total amount of USD 2.1 billion. The Board of Directors set the date 
  of the EGM on September 26, 2019 and the EGM record (the list of 
  shareholders eligible to vote) date on September 2, 2019. The Board of 
  Directors proposed to set the dividend record date (the list of 
  shareholders entitled to the dividend) on October 7, 2019. 
 
           KEY CORPORATE HIGHLIGHTS 
 
USD million (unless stated otherwise) 1H2019 1H2018 Change,% 
Revenue                                6,292  5,834       8% 
EBITDA¹                                3,719  3,079      21% 
EBITDA margin                            59%    53%   6 p.p. 
Net profit                             2,997  1,653      81% 
Capital expenditures                     500    536     (7%) 
Free cash flow²                        2,206  2,600    (15%) 
Net working capital²                   1,282   8674      48% 
Net debt²                              5,357  70514    (24%) 
Net debt/12M EBITDA                     0.8x  1.1x4   (0.3x) 
Dividends paid per share (USD)³            -      -       0% 
 
           1) A non-IFRS measure, for the calculation see the notes below. 
 
2) A non-IFRS measure, for the calculation see an analytical review document 
     ("Data book") available in conjunction with Consolidated IFRS Financial 
           Results on the Company's web site. 
 
           3) Paid during the current period 
 
           4) Reported as of December 31, 2018 
 
           MANAGEMENT DISCUSSION AND ANALYSIS 
 
     The President of Nornickel, Vladimir Potanin, commented on the results, 
 
      "The first half of 2019 was marked by weak global macro environment as 
  investors' sentiment was dominated by concerns over the slowdown of global 
         economy and unfavorable outcome of the US-China trade negotiations. 
           Therefore, prices on all our key metals except for palladium went 
           substantially down. 
 
    Amid these challenging market conditions, our Company managed to deliver 
 solid financial performance owing to operating efficiency gains, which were 
   further supported by strong palladium market. Output and sales of all our 
     key metals increased and, importantly, the operating cost inflation was 
           maintained below the Russian CPI. 
 
     As result, the first half of 2019 revenue increased 8% y-o-y to USD 6.3 
 billion, while EBITDA was up 21% to USD 3.7 billion including about USD 160 
million contributed by the Bystrinsky project that continued to ramp up. Our 
  leading position among global diversified mining majors in terms of EBITDA 
           margin was sustained. 
 
      The Company continued to execute its key investment projects including 
      construction of Bystrinsky copper project and upgrade of Kola refining 
     capacity, which are nearing their completion. In the second half of the 
   year, we plan to enter the active construction phase of recently approved 
       South Cluster and third stage of Talnakh Concentrator upgrade (TOF-3) 
     projects. We also reiterate our firm commitment to radically reduce the 
  environmental footprint in the regions of our operations and implement the 
   projects aiming at a substantial reduction of sulfur dioxide emissions in 
           Norilsk and at Kola Peninsula. 
 
   Taking into consideration USD 2.2 billion free cash flow and conservative 
    leverage with net debt/EBITDA ratio down to 0.8x, the Board of Directors 
 recommended for the shareholders' approval an interim dividend in the total 
           amount of USD 2.1 billion". 
 
HEALTH AND SAFETY 
 
 The lost time injury frequency rate (LTIFR) marginally increased 4% to 0.28 
       in 1H2019 from 0.27 in 1H2018, remaining well below the global mining 
    industry average. At the same time, the number of lost time injuries was 
  flat y-o-y, but dropped more than three times (from 43 to 15) since 1?2015 
        driven the by the roll-out of cardinal basic safety rules, launch of 
    video-information system, introduction of electronic medical examination 
     systems, improvement of labour safety management system and a number of 
           other initiatives. 
 
 Regretfully, in 1H2019 Company suffered four fatal injuries. The management 
       considers the health and safety of its employees as the key strategic 
     priority and reiterates its commitment to target zero fatality rate and 
        continues to implement a wide range of initiatives aiming at further 
           improvement of the health and safety records. In 1H2019, selected 
           initiatives included the following: 
 
· 44 internal audits of HSE management system; 
 
· 70 employees fired for violation of cardinal health and safety rules 
(versus 33 in 1H2018). 
 
           In May 2019, Bain & Company Russia Consulting conducted an annual 
      independent assessment of the current level of the occupational safety 
  culture as well as changes to the HSE systems of the Group made during the 
 year. According to this assessment, the company's integral score was raised 
  to 2.8 points (out of the maximum of 4) in 2019 up from 2.6 points in 2017 
           (and compared to 1.4 points in 2014). 
 
           METAL MARKETS 
 
      Nickel in 1H2019 - market was in deficit as strong Chinese demand from 
         stainless and battery sectors was negatively offset by surge in NPI 
       production; exchange inventories were down another 40 thousand tonnes 
year-to-date helping to cover some of the deficit; LME nickel price was down 
    11% y-o-y as bearish macroeconomic sentiment and China-US trade tensions 
     continued to negatively affect the market expectations despite positive 
           sector-specific developments. 
 
        In 1H2019, nickel price was quite volatile as the macro backdrop was 
negative due to trade tensions between the US and China as well as weakening 
   global manufacturing PMI. On the other hand, sector-specific developments 
      were positive, including the shutdown of Onça Puma, major upward capex 
    revision of Tsingshan's HPAL project at Morowali in Indonesia and robust 
          demand from Chinese stainless sector. At the very end of June, the 
  Indonesian government reaffirmed its intention to reinstate the ban on the 
     export of nickel ore as previously planned in 2022. If enforced the ban 
      could wipe away almost 10% of global nickel supply. The market reacted 
  positive to this news taking the metal price above USD 14,000 per tonne in 
           July. 
 
     In 1H2019, the LME nickel price averaged USD 12,315 per tonne, down 11% 
           y-o-y. 
 
Developments on the supply side in 1H2019 were dominated by strong expansion 
     of NPI output in China and Indonesia, which combined were up almost 25% 
  y-o-y driven by the availability of relatively cheap high-grade ore, which 
  additionally benefited NPI smelters' margins. At the same time, production 
   of ferro-nickel was lower owing to the closure of Onça Puma in Brazil and 
       underperformance of Koniambo and Doniambo in New Caledonia, while the 
   production of high-grade nickel products was flattish as higher output by 

(MORE TO FOLLOW) Dow Jones Newswires

August 20, 2019 07:32 ET (11:32 GMT)

DJ NORNICKEL REPORTS FIRST HALF 2019 INTERIM -2-

Norilsk Nickel and Jinchuan was offset by production decline at Vale. 
 
   Demand dynamics was mixed across various geographies. While the stainless 
    steel demand in China was up 10% y-o-y (though most of the growth was at 
   stainless mills integrated upstream into NPI), the rest of Asia was flat. 
 Noticeably, in 1H2019 the Chinese stainless steel producers accelerated the 
 substitution of Class 1 nickel feed with NPI. European stainless output was 
    down 6% y-o-y alongside contracting PMI, while the US was also down, but 
           that was a result of high base effect of 1H2018. 
 
   Battery industry remained the hottest spot of the nickel demand driven by 
 growing EV production, higher driving range requirements, and ongoing shift 
 in battery cathodes' chemistry mix towards reduced cobalt loadings in favor 
 of higher nickel loadings. In 1H2019, nickel demand from the battery sector 
    was up 38% y-o-y with China leading the growth with NCM cathode material 
       production increasing by 50%. Electric car sales in 1H2019 soared 92% 
   despite weak market conditions for the global light vehicles industry. In 
    China, in particular, BEV sales jumped 111% y-o-y in a contrast with the 
           total car sales being down 12% in the country. 
 
  In line with our expectations nickel market remained in deficit in 1H2019. 
   Exchange inventories continued their steady decline decreasing another 40 
  thousand tonnes supporting our assessment of the market running a deficit. 
    At the end of June, the combined LME and SHFE nickel stocks stood at 182 
           thousand tonnes (or 28 days of global annual consumption). 
 
        Nickel outlook - neutral; we expect the deficit in 2019 to narrow to 
       approximately 60 thousand tonnes as Indonesia and China will continue 
  growing their NPI output; Indonesian export ban if reinstated as scheduled 
 in 2022 or earlier will put around 10% of global nickel production at risk, 
   which could substantially alter the global supply landscape; EV batteries 
    continue to be the key demand growth driver in the medium- and long-term 
           supported by the carbon-free mainstream narrative. 
 
 We expect that NPI production growth both in Indonesia and China will drive 
    the nickel market into a mild surplus in 2H2019. In 2019, we forecast an 
        annual deficit of approximately 60 thousand tonnes, implying a small 
           increase from our prior estimate of 50 thousand tonnes deficit. 
 
 In 2019, global nickel demand is expected to increase 4% y-o-y. We estimate 
       that nickel consumption in stainless will grow 3% propelled solely by 
     300-series output in China (+7% y-o-y). Nickel consumption in specialty 
     steels and alloys should also increase by approximately 3% y-o-y driven 
           largely by aerospace and petrochemical processing industries. 
 
    We anticipate that battery sector demand will slow down in 2H2019 due to 
  steady fading of NEV subsidies in China, but still amount to approximately 
       25% y-o-y increase in 2019. The next big shift in nickel intensity in 
           cathode materials is dependent on the roll out of the 8:1:1 (NCM) 
  formulation and may take a few years, as the development has somewhat lost 
its steam due to the collapse in cobalt price and thus weakened incentive to 
reduce cobalt loadings in batteries. Nonetheless, the Chinese government NEV 
      subsidies, which stimulate production of electric vehicles with longer 
     driving range, continue to incentivize the chemistry shift in favour of 
      higher nickel loadings, with a number of NCM 8:1:1 based cells already 
  approved for the EV application. Hence, we expect that the 8:1:1 chemistry 
          will gradually increase its market share and become the mainstream 
           technology by 2025. 
 
 In the long run, the biggest potential disruption for nickel supply and the 
           market overall could come from the Indonesian government that is 
        contemplating to reinstate the ore export ban. Under the 2017 mining 
 regulation, Jakarta is scheduled to stop export of unprocessed ore starting 
   January 2022 following a five-year grace period provided to miners deemed 
sufficient enough for them to build smelters onshore. Recently, however, the 
 Indonesian officials suggested in public comments that the government might 
   consider bringing the ban forward. At present, Indonesia exports annually 
   over 220 thousand tonnes of nickel contained in the ore, which represents 
     approximately 10% of the global supply. Whether Philippines as the only 
        other alternative source of nickel ore feed to China will be able to 
    compensate for the potential loss of Indonesia supply and to what extent 
           remains to be seen. 
 
        Copper in 1H2019 - volatile macro environment and bearish investors' 
           sentiment undermined the price that was down 11% y-o-y 
 
     The copper roller coaster seen in 2018 continued in 1H2019 as weakening 
    global economy, strong US dollar performance and speculative positioning 
     aligned with worse-than-expected industry fundamentals. In March-April, 
   copper price made an attempt to consolidate at the level of USD 6,500 per 
   tonne on expectations of an imminent trade deal between the US and China, 
but as the prospects for any near term resolution of the conflict got pushed 
           back, metal price plunged below USD 6,000 per tonne in May. 
 
 The average LME copper price in 1H2019 decreased 11% y-o-y to USD 6,165 per 
           tonne. 
 
In terms of fundamentals, copper market in 1H2019 was by and large balanced. 
       Global refined copper demand growth was sluggish (+1% y-o-y) as China 
      disappointed on grid investments and auto production, while the copper 
    consumption in the world ex-China was at best flat. Supply was mostly in 
  line with the market expectations while disruptions were running low (less 
           than 2% of global supply vs 5-6% historical average). 
 
 Copper outlook - neutral; the market is expected to remain largely balanced 
   in 2019-2020; the outcome of the US-China trade negotiations and currency 
           movements will continue to dominate the investors' sentiment. 
 
        We anticipate that copper market will remain largely balanced in the 
      near-term running a marginal deficit of approximately 1% of the global 
consumption. In 2019, the deficit is forecasted of approximately 200-250 kt. 
   Chinese demand should improve in 2H2019 as result of the local government 
  accelerating investments into energy infrastructure. At the same time, the 
  mine supply growth will continue to be constrained by the limited pipeline 
of new projects as producers worry of the global macro uncertainty and muted 
prospects of a positive outcome of the US-China trade conflict are likely to 
  put on hold new developments. Global exchange inventories are running low, 
making the market balance sensitive to any potential major supply disruption 
           or positive demand news. 
 
 Palladium in 1H2019 - price consolidated above USD 1,400 per ounce; premium 
    to platinum sustainably expanded above USD 500 per ounce as there was no 
 indication that any substitution was happening or even contemplated; market 
continued to be in structural deficit as higher PGM loadings were offsetting 
           weakening global auto sales. 
 
  The rally in palladium price that started in 2H2017 continued through 2018 
  and well into 1Q2019, when in March the price hit the all-time high of USD 
1,604 per troy ounce. This long winning streak was interrupted in late March 
 when palladium price fell by nearly 200 USD in just two days. This downward 
    correction was caused by a number of factors, which together comprised a 
           short-term "perfect storm", including: 
 
· liquidation of speculative long position following an almost non-stop 
price rally since August 2017; 
 
· adjustment of the metal lease rates that took the upward pressure off 
the physical market; 
 
· additional refined metal supply coming from secondary sources; 
 
· material decrease in 1Q2019 automotive sales globally (-5% y-o-y) with 
negative dynamics in all key regions, including China (-11%), North 
America (-3%) and Europe (-2%). 
 
     However, after a couple of days of elevated volatility, palladium price 
  consolidated at USD 1,350-1,500 per ounce as investors regained confidence 
           in the industry sustaining its strong fundamentals. 
 
 The average LBMA palladium price in 1H2019 increased 40% y-o-y to USD 1,410 
           per ounce. 
 
    In 1H2019, on our estimates, demand increased ahead of supply due to the 
 rollout of new tighter environmental regulations in practically all largest 
   regional car markets, including China 6, Tier 3 in the US, Euro 6d in the 
EU, Bharat 6 in India, which offset positively weak light vehicle production 
           volumes. The market deficit was covered mainly by the release of 
 work-in-progress materials by Norilsk Nickel and South African producers as 
        well as sales of third party refined metal by Norilsk Nickel via its 
           Palladium Fund. 
 
  Palladium premium to platinum exceeded USD 500 per ounce. According to our 
observations, there was a little appetite for substitution of palladium with 
      platinum as OEMs had not just to meet the stricter requirements of the 
    tighter emission regulations, but also to comply with the more demanding 
           environment of real world driving emission tests (RDE). 
 
 Palladium outlook - positive; market deficit to amount to 0.6 mln ounces in 
2019 driven by continuous growth of demand from autos on the back of tighter 
       emission regulations in all major markets and introduction of RDE; no 
         substitution with platinum is expected due to technical challenges; 
    palladium remains the metal of choice for gasoline catalytic converters. 
 
      Taking into consideration a softer auto market in 1H2019 we revise our 

(MORE TO FOLLOW) Dow Jones Newswires

August 20, 2019 07:32 ET (11:32 GMT)

palladium consumption forecast in automotive industry downward by 0.5 mln 
    ounces to 8.9 mln ounces in 2019. Nonetheless, in our opinion, palladium 
        demand has a strong support coming from the tightening environmental 
 regulations in the most important car markets and the roll out of RDE, both 
 of which require OEMs to increase PGM loadings. For instance, the launch of 
 China 6 emissions standard this year has already translated into a stronger 
 palladium offtake. We estimate that palladium loadings in light-duty petrol 
 (gasoline) vehicles in China will increase by 15-20% y-o-y in 2019 and will 
           continue to grow next year. 
 
  We do not anticipate any major palladium substitution with platinum in the 
near term because of the technological challenges owing to specific chemical 
  properties of the two metals, making them not fully interchangeable in the 
       modern auto catalysts. According to our industry knowledge currently, 
 automakers have a little appetite for changes in the catalysts chemistry as 
     their engineering resources are focused on meeting new tighter emission 
       legislation and RDE testing, and they do not have enough resources to 
           conduct new catalyst formulation testing. 
 
      In 2019, palladium demand from other sectors is expected to be flat at 
           approximately 2.1 mln ounces. 
 
     According to our estimates, primary palladium supply will reach 7.1 mln 
 ounces (+250 thousand ounces) in 2019 due to increased production in Russia 
           and South Africa, mostly as a result of the release of previously 
   accumulated work-in-progress. Recycling volumes will also grow to 3.3 mln 
    ounces (+100 thousand ounces). However, the growth of supply will not be 
   able to fully cover the demand, implying that the market will remain in a 
structural deficit, which we estimate at approximately 0.6 million ounces in 
           2019. 
 
        Platinum in 1H2019 - price rebounded from historic lows supported by 
investment demand on the back of gold rally; nonetheless, the price remained 
           under pressure from weak automotive and jewelry demand. 
 
    In 1Q2019, platinum price managed to rebound from USD 790 to USD 850 per 
 ounce supported by higher investment demand as gold rallied after all major 
       central banks continued to keep interest rates at almost-zero levels. 
    However, fundamental factors such as soft demand from automotive (diesel 
  share of new car sales in Europe fell from 38% in 1H2018 to 33% in 1H2019) 
           and jewelry sectors kept the price under pressure. 
 
   In 1H2019, the average LBMA platinum price decreased 12% y-o-y to USD 832 
           per ounce. 
 
    Platinum outlook - cautiously positive; automotive demand is expected to 
 remain soft, but jewelry consumption should stabilize, while the investment 
 demand is likely to strengthen; platinum-intensive fuel cells may present a 
viable carbon-free alternative to electric cars in public transportation and 
           heavy-duty vehicles. 
 
In 2019, we expect that the automotive demand will remain soft as the diesel 
ratio in Europe continues to fall. Nonetheless, we see some stabilization of 
 jewelry demand as well as improving platinum consumption in electronics and 
           glass industries. 
 
    Supply is expected to increase 4% y-o-y to 8.6 mln ounces in 2019 driven 
 mostly by higher recycling and additional ounces coming from the release of 
  work-in-progress inventory in South Africa and to lesser extent at Norilsk 
Nickel. Some supply rationalization remains feasible, in our opinion, as the 
    completion of Sibanye's acquisition of Lonmin may lead to curtailment of 
           unprofitable mines. 
 
In our view, major downside risks for platinum are already priced-in. Dovish 
           policies of major central banks and risks of global recession are 
   stimulating investors to buy precious metals as a safe haven asset, which 
    should be supportive for investors demand for platinum. We forecast that 
  investment demand for platinum should amount to approximately 1 mln ounces 
           in 2019. 
 
           KEY SEGMENTAL HIGHLIGHTS1 
 
USD million (unless stated otherwise)  1H2019 1H2018  Change,% 
Revenue                                 6,292  5,834        8% 
GMK Group                               6,117  4,816       27% 
KGMK Group                                465    486      (4%) 
NN Harjavalta                             522    486        7% 
GRK Bystrinskoye                            1      -      100% 
Other mining                               74     61       21% 
Other non-metallurgical                   647    813     (20%) 
Eliminations                          (1,534)  (828)       85% 
EBITDA                                  3,719  3,079       21% 
GMK Group                               4,300  3,296       30% 
KGMK Group                                 87    129     (33%) 
NN Harjavalta                              40     24       67% 
GRK Bystrinskoye                          160      5      n.a. 
Other mining                              (4)      6      n.a. 
Other non-metallurgical                    12    (1)      n.a. 
Eliminations                            (494)   (23)      n.a. 
Unallocated                             (382)  (357)        7% 
EBITDA margin                             59%    53%    6 p.p. 
GMK Group                                 70%    68%    2 p.p. 
KGMK Group                                19%    27%  (8 p.p.) 
NN Harjavalta                              8%     5%    3 p.p. 
GRK Bystrinskoye                         n.a.   n.a.      n.a. 
Other mining                             (5%)    10% (15 p.p.) 
Other non-metallurgical                    2%     0%    2 p.p. 
 
           1) Segments are defined in the consolidated financial statements 
 
 In 1H2019, revenue of Group GMK segment increased 27% to USD 6,117 million. 
 This was primarily driven by the growth of intersegmental sales revenue due 
     to the launch of direct sales of semi-products to KGMK Group, which was 
      additionally supported by higher refined metals production volumes and 
           palladium price. 
 
 The revenue of Group KGMK segment decreased 4% to USD 465 million. Increase 
  in revenue from metal sales to external customers was offset negatively by 
      the complete cessation of sales of own feed to NN Harjavalta and lower 
           nickel price. 
 
      Revenue of NN Harjavalta increased 7% to USD 522 million. Higher sales 
           volumes were partially offset by lower nickel price. 
 
Revenue of GRK Bystrinskoye generated during the hot commissioning phase was 
           included into other operating income and expenses. 
 
      Revenue of Other mining segment increased 21% to USD 74 million mostly 
           driven by higher semi-products sales volumes and palladium price. 
 
 Revenue of Other non-metallurgical segment decreased 20% to USD 647 million 
           owing to lower sales from Palladium Fund. 
 
   In 1H2019, EBITDA of GMK Group segment increased 30% to USD 4,300 million 
owing primarily to higher revenue and depreciation of Russian rouble. EBITDA 
           of GMK Group segment included unrealized profit from the sale of 
   semi-products to Group KGMK segment and was eliminated from EBITDA of the 
           Group. 
 
EBITDA of Group KGMK segment decreased 33% to USD 87 million primarily owing 
 to the decrease of operating margin due to the reduction of realized nickel 
     price and inflationary growth of expenses, which was exacerbated by the 
           start of direct purchases of Polar division semi-products. 
 
 EBITDA of NN Harjavalta increased by USD 16 million to USD 40 million owing 
           primarily to increased revenue. 
 
EBITDA of GRK Bystrinskoye segment increased by USD 155 million and amounted 
     to USD 160 million due to higher sales volumes generated during the hot 
           commissioning stage. 
 
EBITDA of Other non-metallurgical segment increased by USD 13 million to USD 
           12 million. 
 
     EBITDA of Unallocated segment changed 7% to a negative USD 382 million. 
 Higher selling, administrative and other operating income and expenses were 
           partly positively offset by Russian rouble depreciation. 
 
SALES VOLUME AND REVENUE         1H2019      1H2018    Change,% 
 
                          Metal sales 
Group 
Nickel, thousand tons¹              113         101         12% 
from own Russian feed               108          98         10% 
from 3d parties feed                  2           1        100% 
in semi-products³                     3           2         50% 
Copper, thousand tons¹,²            223         201         11% 
from own Russian feed               205         191          7% 
in semi-products³                    18          10         80% 
Palladium, koz¹                   1,537       1,528          1% 
from own Russian feed             1,485       1,505        (1%) 
in semi-products³                    52          23          2x 
Platinum, koz¹                      390         353         10% 
from own Russian feed               380         349          9% 
in semi-products³                    10           4          3x 
   Average realized prices of refined metals produced by the 
                             Group 
Metal 
Nickel (USD per tonne)           12,781      14,141       (10%) 
Copper (USD per tonne)            6,221       6,989       (11%) 
Palladium (USD per oz)            1,406       1,032         36% 
Platinum (USD per oz)               829         930       (11%) 
                     Revenue, USD million4 
Nickel                            1,499       1,494          0% 
including semi-products             100          86         16% 
Copper                            1,385       1,405        (1%) 
including semi-products             108          69         57% 
Palladium                         2,374       1,950         22% 
including semi-products             101          38          3x 

(MORE TO FOLLOW) Dow Jones Newswires

August 20, 2019 07:32 ET (11:32 GMT)

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