MMC Norilsk Nickel (MNOD)
NORNICKEL ANNOUNCES THE WITHDRAWAL OF RUSSIAN PLATINUM FROM THE ARCTIC
PALLADIUM PROJECT
20-March-2020 / 15:00 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
20 March 2020
Public Joint Stock Company "Mining and Metallurgical Company "NORILSK
NICKEL" (PJSC "MMC "Norilsk Nickel", "Nornickel" or the "Company")
NORNICKEL ANNOUNCES THE WITHDRAWAL OF RUSSIAN PLATINUM FROM THE ARCTIC
PALLADIUM PROJECT
Moscow - PJSC MMC Norilsk Nickel the world's largest of palladium and
high-grade nickel and a major producer of platinum and copper, reports today
that Russian Platinum has notified the Company of its decision to terminate
the negotiations regarding Arctic Palladium JV and to proceed with the
development of the Chernogorskoye Deposit and the southern part of the
Norilsk-1 Deposit on its own. This decision owes to UC RUSAL, one of
Nornickel's shareholders, not issuing due corporate approvals to Nornickel
to participate in the proposed joint venture.
The Company's management has commenced reshaping its partnership with
Russian Platinum considering means to support the projects of Russian
Platinum and its potential partners. In particular, Nornickel has entered
into discussions with Russian Platinum over provision of certain services
and resources, which will be required for these projects as well as a
potential off-take at market terms of the products to be produced from the
Chernogorskoye and the southern part of Norilsk-1 deposits. Although less
attractive for Nornickel, this format of cooperation should still facilitate
an increase of supply of platinum group metals (PGMs) in a long-term
perspective to the market running a structural deficit.
"Nornickel's management has always considered and still does the Arctic
Palladium as a promising Tier I asset able to meet the growing PGM demand.
In spite of the current and, we hope, temporary turbulence in the commodity
markets, we maintain a very positive view on palladium fundamentals, which
should remain strong in a strategic perspective. Being a responsible
palladium producer and the market leader we intend to develop a long-term
operating and commercial partnership with Russian Platinum," said Sergey
Dubovitsky, Vice President for Strategy and Strategic Projects at Nornickel.
This announcement contains inside information in accordance with Article 7
of EU Regulation 596/2014 of 16 April 2014.
Full name and position of person making the announcement - Vladimir Zhukov,
Vice - president, Investor Relations.
ABOUT THE COMPANY
PJSC «MMC «NORILSK NICKEL» is a diversified mining and metallurgical
company, the world's largest producer of palladium and high-grade metal
nickel and a major producer of platinum and copper. The company also
produces cobalt, rhodium, silver, gold, iridium, ruthenium, selenium,
tellurium, sulphur and other products.
The production units of «NORILSK NICKEL» Group are located at the Norilsk
Industrial District, on the Kola Peninsula and Zabaykalsky Krai in Russia as
well as in Finland and South Africa.
PJSC «MMC «NORILSK NICKEL» shares are listed on the Moscow and on the
Saint-Petersburg Stock Exchanges. PJSC «MMC «NORILSK NICKEL» ADRs are traded
over the counter in the US and on the London, Berlin and Frankfurt Stock
Exchanges.
Media Relations: Investor Relations:
Phone: +7 (495) 785 58 00 Phone: +7 (495) 786 83 20
Email: pr@nornik.ru Email: ir@nornik.ru
ISIN: US55315J1025
Category Code: MSCH
TIDM: MNOD
Sequence No.: 53647
EQS News ID: 1002893
End of Announcement EQS News Service
(END) Dow Jones Newswires
March 20, 2020 08:00 ET (12:00 GMT)
