30 Nov 2016 17:31
MMC Norilsk Nickel / Miscellaneous - High PriorityNORNICKEL LAUNCHES LEGAL PROCEEDINGS AGAINST BCL 30-Nov-2016 / 19:31 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 November 30, 2016 Public Joint Stock Company «Mining and Metallurgical Company «NORILSKNICKEL» (PJSC 'MMC 'Norilsk Nickel', 'Nornickel', the 'Company' or the 'Group') NORNICKEL LAUNCHES LEGAL PROCEEDINGS AGAINST BCL Moscow - PJSC «MMC «Norilsk Nickel» reports, that the Group has filed lawsuits against the Botswana-based BCL group (BCL) to enforce the sale ofNornickel's 50% stake in a joint venture Nkomati to BCL. The request for arbitration has been submitted to the London Court ofInternational Arbitration (LCIA). The Group is seeking to obtain anunconditional and enforceable execution of the sale and purchase agreementfor a 100% interest in Norilsk Nickel Africa (which holds 50% in Nkomati),or, alternatively damages to be recovered from BCL. In addition, the Group has filed a lawsuit in the court of Botswana toobtain an authorization for the legal prosecution of BCL, currently in theprocess of liquidation, in the LCIA, and for interim relief to protect theGroup's position in the liquidation. Irrespective of the ongoing court proceedings, Nkomati remains acommercially viable asset and a going concern. In order to maximize thefinancial performance of Nkomati, the Group has decided to extend theofftake agreement for all of Nkomati's nickel concentrate production. Metal Trade Overseas, a European subsidiary of the Group, has entered intothe offtake agreement with Nkomati for the delivery of up to 200 ktpa ofnickel concentrate over at least five years. This offtake agreement enables Nornickel to retain control over thedistribution of a desirable product given the rising deficit in the nickelmarket. Nornickel is going to process in-house some of the Nkomati nickelconcentrate and to sell the remainder to third parties at a profit. In 2014, Nornickel and BCL Investments entered into a binding agreement forthe sale of the Group's African assets to BCL, an entity controlled by theBotswana government. Upon successful completion of all conditions precedentto closing of this transaction, BCL Investments failed to deliver on itsobligations according to the agreement. In October 2016, Nornickel learnedfrom the press that BCL was put into a voluntary liquidation. This announcement contains inside information in accordance with Article 7of 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 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 theSaint-Petersburg Stock Exchanges. PJSC «MMC «NORILSK NICKEL» ADRs tradeover the counter 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: 3641 Time of Receipt: 30-Nov-2016 / 19:31 CET/CEST End of Announcement EquityStory.RS, LLC News Service --------------------------------------------------------------------------- 525597 30-Nov-2016UK-Regulatory-announcement transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.