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MMC Norilsk Nickel: INDEPENDENT ASSESSMENT OF THE CAUSES OF THE FUEL SPILL INCIDENT PRESENTED TO THE BOARD OF DIRECTORS

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MMC Norilsk Nickel (MNOD)
MMC Norilsk Nickel: INDEPENDENT ASSESSMENT OF THE CAUSES OF THE FUEL SPILL
INCIDENT PRESENTED TO THE BOARD OF DIRECTORS

26-Nov-2020 / 12:01 MSK
Dissemination of a Regulatory Announcement, 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" or the "Company")

INDEPENDENT ASSESSMENT OF THE CAUSES OF THE FUEL SPILL INCIDENT PRESENTED TO
THE BOARD OF DIRECTORS

Moscow, November 26, 2020 - Nornickel, the world's largest producer of
palladium and high-grade nickel and a major producer of platinum and copper,
announces today that ERM, a global consultant appointed to provide
independent environmental advisory support to Nornickel's Environmental Task
Team, which comprises of 5 independent directors and is led by the Chairman
of the Board of Directors, presented to the Board its report assessing the
root causes and contributing factors affecting the fuel spill incident in
Norilsk on May 29, 2020 and containing recommendations on preventing such
incidents in the future. A summary of this report can be found here [1].

The ERM report had previously been reviewed by the Nornickel's Environmental
Task Team. Yesterday the Board itself discussed the ERM findings and
recommendations with ERM. These would now be considered carefully by the
Board and management and a plan to implement the recommendations would be
drawn up.

Gareth Penny, Chairman of the Board of Nornickel commented on the ERM
report: "I would like to thank ERM for its insightful report and important
recommendations. This has been produced under difficult and challenging
circumstances. It was important that a globally recognised and respected
firm such as ERM has undertaken an independent review of events and the
clean-up efforts by the company. Important progress has been made, but with
much that must still be achieved. Nornickel remains fully committed to
making the necessary progress in environmental affairs to ensure its
operations adhered to world-class standards."

Sergey Dyachenko, First Vice President and Chief Operating Officer of
Nornickel, said: "Regardless of the causes of the incident, the company
takes responsibility for the full clean-up. ERM's findings confirmed that
the new climate change risks are emerging and we should improve our risk
management in order to mitigate them more efficiently. We have launched a
comprehensive review of our environmental risk management. A number of new
corporate governance instruments have already been introduced, including
Risk Management Committee chaired by the company's President. In terms of
physical risks, we are upgrading our permafrost monitoring service and
designing a foundations monitoring system. The monitoring project includes
satellite imaging, monitoring of supporting piles and soil temperature by
means of confirmative geological drilling, installation of strain gauges and
temperature sensors, and an upgrade of the Polar Division's Diagnostic
Centre and the permafrost laboratory. Overall, our capital investments
towards an improvement of the industrial safety of infrastructure in Norilsk
is budgeted at 100 billion roubles. We remain firmly committed to do all
that is necessary to minimise the risks of environmental impact. We also
reiterate our commitment to fully rehabilitate the area impacted by the
diesel fuel spill incident."

ABOUT THE COMPANY

MMC Norilsk Nickel is a diversified mining and metallurgical company, the
world's largest producer of palladium and high-grade 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.

MMC Norilsk Nickel shares are listed on the Moscow and on the
Saint-Petersburg Stock Exchanges, ADRs are traded over the counter in the US
and on the London, Berlin and Frankfurt Stock Exchanges.

About ERM:

ERM is a leading global sustainability consulting firm providing
environmental, health, safety, risk consulting and related services. It
employs more than 5,500 people in over 40 countries. ERM has a specialist
mining division and has worked with most of the top 20 mining companies in
the world delivering innovative advice and solutions to help them manage
their environmental and overall sustainability challenges.

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
LEI Code: 253400JPTEEW143W3E47
Sequence No.: 88551
EQS News ID: 1150728

End of Announcement EQS News Service


1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=2e615443a16c28d68ab108b8df8a0c8c&application_id=1150728&site_id=vwd&application_name=news


(END) Dow Jones Newswires

November 26, 2020 04:01 ET ( 09:01 GMT)
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