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

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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

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