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NORILSK NICKEL GROUP ANNOUNCES PRELIMINARY -2-

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DJ NORILSK NICKEL GROUP ANNOUNCES PRELIMINARY CONSOLIDATED PRODUCTION RESULTS FOR NINE MONTHS 2019



MMC Norilsk Nickel (MNOD)
NORILSK NICKEL GROUP ANNOUNCES PRELIMINARY CONSOLIDATED PRODUCTION RESULTS
FOR NINE MONTHS 2019

31-Oct-2019 / 13:00 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

October 31, 2019

Public Joint Stock Company "Mining and Metallurgical Company "NORILSK
NICKEL" (PJSC "MMC "Norilsk Nickel", "Nornickel" or the "Company")

NORILSK NICKEL GROUP ANNOUNCES PRELIMINARY CONSOLIDATED PRODUCTION RESULTS
FOR NINE MONTHS 2019

Moscow - PJSC MMC Norilsk Nickel, the world's largest producer of palladium
and high-grade nickel and a major producer of platinum and copper, announces
today preliminary consolidated production results for the third quarter and
the nine months of 2019.

First Vice-President, Chief Operating Officer, Sergey Dyachenko commented on
the 9M19 production results,

«In 9M19, the output of all of our core metals increased owing mainly to
productivity improvements. The growth in nickel production was attributed to
increased processing of high-grade matte from Polar Division, ramp-up of a
refining shop with new chlorine leaching technology at Kola MMC, as well as
higher production volumes of saleable metal at Norilsk Nickel Harjavalta
driven by higher processing volumes of Russian material and feed from third
parties. The increase in PGM production was mainly driven by higher output
in 1Q19 due to release of accumulated work-in-progress inventory at
Krasnoyarsk Precious Metals Refinery. In addition, the increase of PGM
production by Norilsk Nickel Harjavalta was attributed to higher metal
content in processed Russian feed. The increase in copper output primarily
resulted from the ramp-up of Bystrinsky project, which was fully
commissioned in September 2019.

We reiterate our 2019 production targets for core metals".

NORILSK NICKEL GROUP

Nickel

In 3Q19, consolidated nickel production increased 7% quarter-on-quarter
(q-o-q) to 57 kt, almost all of which was produced from own Russian feed.
The growth was mainly attributed to increased production at Norilsk Nickel
Harjavalta as the refinery recovered its capacity utilization rate to normal
after the scheduled maintenance carried out in 2Q19.

In 9M19, consolidated nickel production increased 6% year-on-year (y-o-y) to
167 kt, with nickel output from the Company's Russian feed totaling 164 kt,
up 6% y-o-y. The growth was attributed to the expansion of carbonyl nickel
production at Kola MMC, increased refinery utilization rate, higher volumes
of nickel matte shipped to Norilsk Nickel Harjavalta for further processing
and processing of nickel feed supplied by a third party, Boliden.

Copper

In 3Q19, consolidated copper production decreased 3% q-o-q to 121 kt, almost
all of which was produced from the Company's Russian feed. The reduction was
attributed to lower processing volumes of concentrate purchased from Rostec
and trial shipments of copper concentrate from Kola MMC and Norilsk Nickel
Harjavalta to Copper Plant at Polar Division for further refining in 4Q19.

In 9M19, consolidated copper production increased 6% y-o-y to 372 kt, almost
all of which was produced from the Company's Russian feed. The growth was
driven by the ramp-up of Bystrinsky Project and higher volumes of copper
concentrate produced at Kola MMC for the sale to third parties.

Platinum Group Metals

In 3Q19, palladium and platinum (both produced solely from the Company's
Russian feed) output amounted to 720 koz (down 6% q-o-q) and 164 koz (down
11% q-o-q), respectively. Lower production was attributed to the
commissioning of the new precious metals concentrate production line at the
metallurgical shop at Kola MMC and trial shipments of copper cake
(containing precious metals) from Norilsk Nickel Harjavalta to Polar
Division for further processing. The new production line at Kola MMC is
being launched as part of nickel refinery upgrade to a new nickel
electrowinning technology, whereby precious metal concentrates will be
produced from residue of chlorine leaching.

In 9M19, palladium and platinum output amounted to 2,253 koz (up 7% y-o-y)
and 553 koz (up 8% y-o-y), respectively. The increase of PGMs output was
attributed to the release of work-in-progress inventory at Krasnoyarsk
Precious Metals Refinery, higher PGM content in the Russian feed and
processing of the feed purchased from third parties at Norilsk Nickel
Harjavalta.

RUSSIAN OPERATIONS

In 9M19, the Company's Russian operations produced all saleable metal from
own domestic feed.

Nickel

In 3Q19, nickel production at Kola MMC amounted to 40 kt and remained
largely unchanged compared to the previous quarter (-1% q-o-q).

In 9M19, Kola MMC increased nickel output by 7% y-o-y to 121 kt. The growth
was primarily attributed to increased shipments of high-grade matte from
Polar Division and gradual ramp-up of refined nickel production using new
chlorine-leaching technology. In addition, in line with diversification of
sales into premium products strategy carbonyl nickel production at Kola MMC
more than doubled to 2.7 kt (+104% y-o-y).

Copper

In 3Q19, the Company's Russian operations reduced copper output by 4% q-o-q
to 117 kt. The reduction was attributed to lower processed volumes of
concentrate purchased from Rostec and trial shipments of copper concentrate
from Kola MMC to Copper Plant at Polar Division for further refining.

In 9M19, copper output at the Company's operations in Russia increased 7%
y-o-y to 360 kt. The growth was driven by the ramp-up of Bystrinsky (Chita)
Project and higher volumes of copper concentrate produced at Kola MMC for
the sale to third parties. Bystrinsky Project was ramping-up on schedule,
having increased production more than two-fold to 31 kt of copper in copper
concentrate.

Platinum Group Metals

In 3Q19, palladium and platinum output in Russia amounted to 707 koz (down
6% q-o-q) and 162 koz (down 11% q-o-q), respectively. Lower production was
attributed to the commissioning of the new precious metals concentrate
production line at the metallurgical shop at Kola MMC.

In 9M19, palladium and platinum output in Russia amounted to 2,204 koz (up
7% y-o-y) and 542 koz (up 7% y-o-y), respectively. The increase of PGM
output was due to a release of accumulated work-in-progress inventory at
Krasnoyarsk Precious Metals Refinery.

NORILSK NICKEL HARJAVALTA (FINLAND)

Nickel

In 3Q19, nickel output at Norilsk Nickel Harjavalta increased 29% q-o-q to
17 kt. The increase was mainly attributed to a low base effect of 2Q19, when
refinery was undergoing annual scheduled maintenance and repairs.

In 9M19, nickel output increased 5% y-o-y to 46 kt. The increase was
attributed to higher processing volumes of Russian feed as a result of the
downstream reconfiguration and processing of nickel feed supplied by
Boliden.

Copper

In 3Q19, copper output at Norilsk Nickel Harjavalta increased 11% q-o-q to 4
kt. The increase was mainly attributed to a low base effect of 2Q19, when
refinery was undergoing annual scheduled maintenance and repairs.

In 9M19, copper output decreased 13% y-o-y to 12 kt. The reduction was owing
to the high base effect of 9M18, when the Company processed work-in-progress
concentrate, and in addition a trial shipment of copper cake from Norilsk
Nickel Harjavalta to Copper Plant at Polar Division for further refining.

Platinum Group Metals

In 3Q19, output of saleable palladium and platinum (both contained in copper
cake) amounted to 13 koz (down 10% q-o-q) and 3 koz (down 28% q-o-q),
respectively. The reduction was attributed to trial shipment of copper cake
from Norilsk Nickel Harjavalta to Copper Plant at Polar Division for further
refining.

In 9M19, output of palladium and platinum reached 49 koz (up 16% y-o-y) and
11 koz (up 35% y-o-y), respectively. The increase in metals production was
attributed to higher PGM content in processed Russian feed and processing of
third party feed.

NKOMATI (SOUTH AFRICA) (*)

In 9M19, output at Nkomati (50%-owned by Norilsk Nickel) amounted to 5 kt of
nickel (up 6% y-o-y), 3 kt of copper (up 22% y-o-y), 26 koz of palladium (up
11% y-o-y) and 11 koz of platinum (up 20% y-o-y). The increase in metals
production was attributed to higher volumes of mined ore with higher metal
content.

Note: Nkomati production results are not consolidated in the Group's total
operating results

Production guidance from the Company's own Russian feed for 2019:

Metals Volume
Norilsk Nickel Group (excluding Chita project)
Ni, kt 220-225
Cu, kt 430-450
Pd, koz 2,770-2,800
Pt, koz 646-670
Bystrinsky GOK (Chita Copper Project)(*)
Cu, kt 40-46
Au, koz 192-212

Note: Norilsk Nickel owns 50.01% of Bystrinsky GOK (Chita Copper Project).
Production results are shown on a 100% basis and are fully consolidated in
the Company's financial and operating results. The concentrator at the
Bystrinsky project was launched in 2018 as part of the hot commissioning

(MORE TO FOLLOW) Dow Jones Newswires

October 31, 2019 06:00 ET ( 10:00 GMT)


stage and was fully commissioned in September 2019.

*NORILSK *3Q *2Q *Q-o-Q* *9M* *9M* *Y-o-Y*
NICKEL GROUP 2019* 2019* *2019* *2018*
SALEABLE
METALS
PRODUCTION 1*
*Total t *57,2 *53,767 *166,9 *156,7
nickel* 66* * *7%* 48* 93* *6%*
including t
from own 56,70 164,44 155,16
Russian feed 5 52,909 7% 6 8 6%
*Total t *120, *124,53 *371,9 *349,9
copper* 667* 9* *-3%* 71* 08* *6%*
including t
from own 120,6 371,71 349,77
Russian feed 14 124,449 -3% 4 1 6%
*Total koz *2,253 *2,097
palladium* *720* *764* *-6%* * * *7%*
including koz
from own
Russian feed 719 763 -6% 2,251 2,097 7%
*Total koz
platinum* *164* *185* *-11%* *553* *513* *8%*
including koz
from own
Russian feed 164 184 -11% 551 513 7%
*Polar
division and
Kola MMC
(Russia)*
*Nickel* t *40,4 *40,774 *120,5 *112,6
74* * *-1%* 13* 07* *7%*
Kola MMC, t 40,47 120,51 112,60
including 4 40,774 -1% 3 7 7%
_ refined Ni t
from own _36,6 _40,542 _116,1 _110,2
Russian feed_ 55_ _ _-10%_ 80_ 05_ _5%_
_ Ni in t
saleable
concentrate
from own _3,81 _4,333 _1,916
Russian feed_ 9_ _232_ _1546%_ _ _ _126%_
_from 3d t
parties feed_ _0_ _0_ _-_ _0_ _486_ _-_
*Copper* t *106, *110,85 *329,3 *323,0
145* 3* *-4%* 05* 84* *2%*
Polar t 85,24 264,97 262,68
division 8 89,153 -4% 0 5 1%
Kola MMC, t 20,89
including 7 21,700 -4% 64,335 60,399 7%
_ Cu cathodes t
from own _18,1 _18,180 _53,97 _54,19
Russian feed_ 50_ _ _0%_ 8_ 1_ _0%_
_ Cu in t
saleable
concentrate
from own _2,74 _10,35 _6,125
Russian feed_ 7_ _3,520_ _-22%_ 7_ _ _69%_
_from 3d t
parties feed_ _0_ _0_ _-_ _0_ _83_ _-_
*Palladium* koz *2,204 *2,055
*707* *749.3* *-6%* * * *7%*
Polar koz
division 293 275.4 6% 754 731 3%
Kola MMC, koz
including 414 47.9 -13% 1,450 1,324 10%
_ from own _koz_ _1,450 _1,324
Russian feed_ _414_ _473.9_ _-13%_ _ _ _10%_
_ from 3d _koz_
parties feed_ _0_ _0_ _-_ _0_ _0,0_ _-_
*P**latinum* koz *162* *181* *-11%* *542* *505* *7%*
Polar koz
division 70 71 -1% 184 190 -3%
Kola MMC, koz
including 92 111 -17% 358 315 14%
_from own _koz_
Russian feed_ _92_ _111_ _-17%_ _358_ _315_ _14%_
_from 3d _koz_
parties feed_ _0_ _0_ _-_ _0_ _0_ _-_
*GRK
Bystrinskoye
(Zabaykaisky
Krai) 2*
10,67
Copper t 3 10,223 4% 30,926 13,290 133%
Gold koz 41 44 -8% 128 61 109%
Iron ore
concentrate kt 328 251 31% 833 136 515%
*Norilsk
Nickel
Harjavalta
(Finland) *
*Nickel, *16,7 *12,993 *46,43 *44,18
including* t 92* * *29%* 5* 6* *5%*
_from own t _16,2 _12,135 _43,93 _43,04
Russian feed_ 31_ _ _34%_ 3_ 7_ _2%_
_from 3d _2,501 _1,139
parties feed_ t _561_ _858_ _-35%_ _ _ _120%_
*Copper, *3,84 *11,74 *13,53
including* t 9* *3,463* *11%* 0* 4* *-13%*
_from own t _3,79 _11,48 _13,48
Russian feed_ 6_ _3,373_ _13%_ 3_ 0_ _-15%_
_from 3d
parties feed_ t _53_ _90_ _-41%_ _257_ _54_ _376%_
*Palladium,
including* koz *13* *14* *-10%* *49* *42* *16%*
_from own koz
Russian feed_ _12_ _13_ _-9%_ 46 _42_ _10%_
_from 3d
parties feed_ koz _1_ _1_ _-33%_ 3 _0_ _-_
*Platinum,
including* koz *3* *4* *-28%* *11* *8* *35%*
_from own koz
Russian feed_ _2_ _3_ _-25%_ 9 _8_ _8%_
_from 3d
parties feed_ koz _1_ _1_ _-38%_ 2 _0_ _-_
*Nkomati
(South
Africa) 3*
Nickel t 1,172 1,547 -24% 4,964 4,666 6%
Copper t 717 982 -27% 2,688 2,199 22%
Palladium koz 6 9 0 26 23 11%
Platinum koz 3 4 0 11 9 20%

Notes:

¹ Totals may value from the sum of numbers as a result of
rounding. The production results of Nkomati is not reflected in
totals of Norilsk Nickel Group.
2 Norilsk Nickel Group owns 50.01% of Bystrinsky GOK (Chita
Copper Project). Production results are shown metal in
concentrate for sale on 100% basis and fully consolidated in
total operational results. Bystrinsky GOK was fully commissioned
in September 2019.
3 Norilsk Nickel Group owns 50% of Nkomati. Production results
are shown metal in concentrate for sale on 50% basis and not
consolidated in total operational results.

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 Chita region 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.: 26249
EQS News ID: 901593

End of Announcement EQS News Service



(END) Dow Jones Newswires

October 31, 2019 06:00 ET ( 10:00 GMT)
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