19 Dec 2016 06:50
MMC Norilsk Nickel / Miscellaneous - High PriorityMMC Norilsk Nickel: NORNICKEL BOARD APPROVED 2017 BUDGET: DOWNSTREAMRECONFIGURATION AND THE LAUNCH OF BYSTRINSKY PROJECT 19-Dec-2016 / 08:50 CET/CESTDissemination of a Regulatory Announcement, transmitted by EquityStory.RS,LLC - a company of EQS Group AG.The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- PRESS RELEASE NORNICKEL BOARD APPROVED 2017 BUDGET: DOWNSTREAM RECONFIGURATION AND THELAUNCH OF BYSTRINSKY PROJECT Moscow, December 19, 2016 - The Board of Directors of PJSC «MMC «NORILSKNICKEL» (hereinafter Nornickel or the Company), the leading global nickeland palladium producer, approved the Company's budget for 2017. In 2016, the Company successfully completed all scheduled key investmentprojects including the development of high-IRR brownfield mining projectsin the Polar division, the ramp-up of Skalisty mine, active constructionphase of Bystrinsky project in Chita region, the shutdown of Nickel Plant,as well as projects related to the expansion of Talnakh concentratorcapacity and Nadezhda smelter upgrade. The 2017 budget is based on conservative commodity price assumptions andenvisages capital investments into active development of highly profitablebrownfield upstream projects in the Polar Division, further upgrade ofrefining capacities at the Kola division as well as important HSEinitiatives. The Company also plans to launch Bystrinsky project on timethat is to boost Nornickel's copper and gold output in 2018-2020. The total capital expenditures for 2017 have been budgeted at USD 2 billion(including USD 450 million for Bystrinsky project). In accordance with thestrategic priorities of the Company, all commercial projects should deliverindustry-leading returns on investments. Nornickel's CFO, Sergey Malyshev, commented, 'The 2017 budget approved bythe Board of Directors is well balanced and fully sufficient to fund ourstrategic investments even amidst volatile macro environment. In 2016, wehave managed to control costs and deliver on our capital expenditures ontime and on budget. The 2017 budget allows us to maintain our rationalinvestment profile and further improve operating efficiency to generatehigh return on capital'. ABOUT THE COMPANY PJSC «MMC «NORILSK NICKEL» is a diversified mining and metallurgicalcompany, the world's largest producer of refined nickel and palladium and aleading producer of platinum, cobalt, copper and rhodium. The company alsoproduces gold, silver, iridium, selenium, ruthenium and tellurium. The production units of «NORILSK NICKEL» Group include Polar Division,located at the Norilsk Industrial District on Taimyr Peninsula, and KolaMining and Metallurgical Company located on the Kola Peninsula in Russia aswell as Harjavalta nickel refinery in Finland. PJSC «MMC «NORILSK NICKEL shares are listed on the Moscow and on the Saint-Petersburg Stock Exchanges. PJSC «MMC «NORILSK NICKEL» ADRs trade over thecounter in the US and on the London and Berlin 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 --------------------------------------------------------------------------- The EquityStory.RS, LLC Distribution Services include RegulatoryAnnouncements, Financial/Corporate News and Press Releases.Archive at www.dgap.de/ukreg --------------------------------------------------------------------------- Language: English Company: MMC Norilsk Nickel 1 st Krasnogvardeysky av., 15 123100 Moscow Russia Internet: www.nornik.ru ISIN: US55315J1025 WKN: A140M9 Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart; Open Market in Frankfurt ; London, Nasdaq Category Code: MSCH TIDM: MNOD Sequence Number: 3702 Time of Receipt: 19-Dec-2016 / 08:50 CET/CEST End of Announcement EquityStory.RS, LLC News Service--------------------------------------------------------------------------- 531053 19-Dec-2016UK-Regulatory-announcement transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.