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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Public Joint Stock Company Mining and Metallurgical Company Norilsk Nickel    MNOD

PUBLIC JOINT STOCK COMPANY MINING AND METALLURGICAL COMPANY NORILSK NICKEL

(MNOD)
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Public Joint Stock Mining and Metallurgical Norilsk Nickel : NORNICKEL BELIEVES THAT ROSPRIRODNADZOR'S DECISION TO GO TO COURT IS PREMATURE

09/10/2020 | 11:35am EST

MMC Norilsk Nickel (MNOD)
NORNICKEL BELIEVES THAT ROSPRIRODNADZOR'S DECISION TO GO TO COURT IS PREMATURE

10-Sep-2020 / 18:35 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")


NORNICKEL BELIEVES THAT ROSPRIRODNADZOR'S DECISION TO GO TO COURT IS PREMATURE

Moscow, September 10, 2020 - Nornickel, the world's largest producer of palladium and high-grade nickel and a major producer of platinum and copper, notes the announcement of the Yenisei Interregional Department of the Federal Service for Supervision of Natural Resources ("Rosprirodnadzor") that it filed today a claim with the Arbitration Court of the Krasnoyarsk region against Norilsk-Taymyr Energy Company (NTEC), a subsidiary of the Company, seeking compensation of damages caused to the environment in the amount of 147,784,627,500 Russian roubles (which is equivalent to approximately U.S.$1.94 billion) as a result of the diesel fuel spill incident on 29 May 2020 at Heat and Power Plant ? 3 (HPP-3) in the Kayerkan neighborhood of the city of Norilsk.

We believe that Rosprirodnadzor's decision to go to court is premature because even though the river cleanup is completed, the final assessment of the amount of diesel which has been collected has not been completed yet. The Company took an active part in the experts' dialogue within the joint working group set up with Russia's Ministry of Natural Resources. Our joint work should result in a  rehabilitation plan. We still believe that only after the completion of the work and the expert review will we able to determine accurately the amount of fuel that had gotten into water and soil, and thus, estimate correctly the amount of environmental damage.

 

We hope that the consideration of our case in court will allow us to obtain a fair assessment of the environmental impact of the incident and results of the cleanup campaign.

 

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.             

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.: 83911
EQS News ID: 1130137

 
End of Announcement EQS News Service

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© EQS 2020
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Sales 2020 15 036 M - -
Net income 2020 4 230 M - -
Net Debt 2020 5 963 M - -
P/E ratio 2020 11,9x
Yield 2020 8,72%
Capitalization 49 309 M 49 309 M -
EV / Sales 2020 3,68x
EV / Sales 2021 3,55x
Nbr of Employees -
Free-Float 37,6%
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Mean consensus BUY
Number of Analysts 18
Average target price 32,83 $
Last Close Price 31,16 $
Spread / Highest target 31,6%
Spread / Average Target 5,37%
Spread / Lowest Target -29,4%
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Managers
NameTitle
Vladimir Olegovich Potanin President & Chairman-Management Board
Gareth Peter Herbert Penny Independent Non-Executive Chairman
Sergey Nikolaevich Dyachenko Chief Operating Officer & First Vice President
Sergey Gennadyevich Malyshev Chief Financial Officer & Senior Vice President
Sergei Leonidovich Batekhin Deputy Chairman