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MINING AND METALLURGICAL COMPANY NORILSK NICKEL

(MNOD)
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NORNICKEL ANNOUNCES 1H 2021 CONSOLIDATED OPERATING RESULTS

07/20/2021 | 06:01am EDT
MMC Norilsk Nickel (MNOD) 
NORNICKEL ANNOUNCES 1H 2021 CONSOLIDATED OPERATING RESULTS 
20-Jul-2021 / 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 
Public Joint Stock Company «Mining and Metallurgical Company «NORILSK NICKEL» 
(PJSC "MMC "Norilsk Nickel", "Nornickel" or the "Company") 
NORNICKEL ANNOUNCES 1H 2021 CONSOLIDATED OPERATING RESULTS 
Moscow, July 20, 2021 - Nornickel, the world's largest producer of palladium and high-grade nickel and a major producer 
of platinum and copper, announces preliminary consolidated operating results for the second quarter and the first half 
of 2021 and production outlook for the full year 2021. 
Senior Vice-President, Operations, Sergey Stepanov commented on the 1H2021 production results, 
«In 2Q and 1H 2021, the output of all key metals reduced owing to one-off factors such as the temporary suspension of 
Oktyabrsky and Taimyrsky underground mines of the Norilsk division due to the natural groundwater inflow and an 
accident at Norilsk Concentrator. Currently, recovery of these assets is progressing by and large in line with the 
schedule. 
The water inflow to these mines was effectively stopped in late March. The Oktyabrsky mine resumed full production by 
the middle of May, however the restoration of mining at the Taimyrsky mine has been delayed due to larger than expected 
volume of recovery work. As the industrial and environmental safety is our absolute priority, having pumped out the 
water, we are reinforcing supports in the mine underground workings. The Taimyrsky mine has been already restored to 
80% capacity since resuming operation in early June and expected to return to full capacity by the end of this 
November. 
The technical audit of the Norilsk Concentrator was completed in the second quarter. The construction defects 
identified by the audit have been completely fixed by now. The Concentrator has already reached 85% of its design 
capacity and is expected to return to full capacity in early October this year. 
Taking into account the current progress in the restoration of the impacted production capacity of the Norilsk 
division, as well as the efficiency gains at other mining assets, we reiterate previously announced 2021 metal 
production forecast». 
NORILSK NICKEL GROUP 
Nickel 
In 2Q21, consolidated nickel output decreased 30% quarter-on-quarter (q-o-q) to 33 kt, most of which were produced from 
the Company's own Russian feed (31 kt, down 31% q-o-q). In 1H2021, total nickel output decreased 26% year-on-year 
(y-o-y) to 79 kt (of which 77 kt were produced from own Russian feed, down 28% y-o-y). 
The decrease in production was attributed to the temporary suspension of mining operations and subsequent restoration 
works at Oktyabrsky (5 mtpa of ore) and Taimyrsky (4.3 mtpa of ore) underground mines of the Norilsk division after the 
flooding caused by the inflow of groundwater, as well as the suspension at the Norilsk Concentrator and consequent 
repairs. The copper circuit (4 mtpa of ore throughput) of the concentrator resumed operations on March 15th after a 
temporary suspension for technical safety inspections and necessary repairs. The disseminated ore processing circuit 
(5.2 mtpa of ore throughput) of the Norilsk Concentrator operated in 2Q21 at just over 50% of its nameplate capacity. 
Copper 
In 2Q21, consolidated copper production decreased 11% q-o-q to 81 kt. In 1H2021, total copper output decreased 28% 
y-o-y to 173 kt. All of the copper produced in the reporting periods was produced from the Company's own feed. Copper 
production declined in the reporting periods owing to the same causes as nickel as described above. 
Bystrinsky Project continued to ramp up on schedule, having increased production of copper in concentrate by 8% y-o-y 
to 33 kt in 1H2021. 
Platinum Group Metals 
In 2Q21, palladium and platinum output decreased 28% q-o-q to 548 koz and 27% q-o-q to 134 koz, respectively. All PGMs 
were produced from the Company's own Russian feed. The decline of PGM output in the second quarter was attributed to 
the same reasons as base metals as described above. In 1H2021, palladium and platinum output amounted to 1,314 koz (up 
3% y-o-y) and 318 koz (down 1% y-o-y), respectively. The increase of palladium and slight decrease of platinum output 
in the first half, despite a significant loss of production in the second quarter, was explained by the high base 
effect of the first quarter, when a new line for production of precious metals from chlorine leaching residues at Kola 
MMC was ramped up to its design capacity and, as a result, the work-in-progress in transit inventory reduced. 
NKOMATI (SOUTH AFRICA) (*) 
In 2Q21, Nkomati (50% of the Group) was placed on limited care and maintenance pending the finalization and submission 
of a closure plan. 
Note: (*) Nkomati production results are not consolidated in the Group's total operating results. 
 
Production Guidance from the Company's Russian feedstock for 2021 
 
Metal                 Volume 
Norilsk Nickel Group (excluding Chita) 
Ni, kt                190-200 
Cu, kt                335-355 
Pd, koz               2,350-2,410 
Pt, koz               580-640 
Bystrinsky (Chita) Copper Project (1) 
Cu, kt                65-70 
Au, koz               230-240 

Note: 1. 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. The concentrator at the Bystrinsky project was launched 2019.

                                                           2Q     1Q 
NORILSK NICKEL GROUP SALEABLE METALS PRODUCTION 1                        Q-o-Q 1H 2021 1H 2020 Y-o-Y 
                                                           2021   2021 
Total nickel                                           t   32,644 46,639 -30%  79,283  107,588 -26% 
 including from own Russian feed                       t   31,457 45,558 -31%  77,015  106,571 -28% 
Total copper                                           t   81,400 91,292 -11%  172,692 239,914 -28% 
 including from own Russian feed                       t   81,400 91,292 -11%  172,692 239,824 -28% 
Total palladium                                        koz 548    766    -28%  1,314   1,270   3% 
 including from own Russian feed                       koz 548    766    -28%  1,314   1,270   4% 
Total platinum                                         koz 134    184    -27%  318     323     -1% 
 including from own Russian feed                       koz 134    184    -27%  318     323     -1% 
Norilsk and Kola Division (Russia) 
Nickel                                                 t   23,874 32,810 -27%  56,684  74,455  -24% 
 Kola MMC, including                                   t   23,874 32,810 -27%  56,684  74,455  -24% 
  refined Ni from own Russian feed                     t   17,107 26,195 -35%  43,302  71,200  -39% 
  saleable intermediate products from own Russian feed t   6,767  6,615  2%    13,382  3,255   311% 
  from 3d parties feed                                 t   0      0      0%    0       0       0% 
Copper                                                 t   64,932 75,014 -13%  139,946 208,258 -33% 
 Norilsk Division                                      t   61,427 62,661 -2%   124,088 176,423 -30% 
 Kola MMC, including                                   t   3,505  12,353 -72%  15,858  31,835  -50% 
  Cu cathodes from own Russian feed                    t   66     9,103  -99%  9,169   30,710  -70% 
  saleable intermediates from own Russian feed         t   3,439  3,250  6%    6,689   1,125   495% 
  from 3d parties feed                                 t   0      0      0%    0       0       0% 
Palladium                                              koz 548    766    -28%  1,314   1,264   4% 
 Norilsk Division                                      koz 249    235    6%    484     550     -12% 
 Kola MMC, including                                   koz 299    531    -44%  830     714     16% 
  from own Russian feed                                koz 299    531    -44%  830     714     16% 
  from 3d parties feed                                 koz 0      0      0%    0       0       0% 
Platinum                                               koz 134    184    -27%  318     322     -1% 
 Norilsk Division                                      koz 67     60     11%   127     143     -11% 
 Kola MMC, including                                   koz 67     124    -46%  192     179     7% 
  from own Russian feed                                koz 67     124    -46%  192     179     7% 
  from 3d parties feed                                 koz 0      0      0%    0       0       0% 
Zabaykalsky Division (Russia) 2 
Copper                                                 t   16,468 16,278 1%    32,746  30,259  8% 
Gold                                                   koz 62     60     3%    122     114     7% 
Iron ore concentrate                                   kt  638    631    1%    1 269   872     46% 
Kola Division (NN Harjavalta, Finland) 
Nickel, including                                      t   8,770  13,829 -37%  22,599  33,133  -32% 
  from own Russian feed                                t   7,583  12,748 -41%  20,331  32,116  -37% 
  from 3d parties feed                                 t   1,187  1,081  10%   2,268   1,017   123% 
Copper, including                                      t   0      0      0%    0       1,397   -100% 
  from own Russian feed                                t   0      0      0%    0       1,307   -100% 
  from 3d parties feed                                 t   0      0      0%    0       90      -100% 
Palladium, including                                   koz 0      0      0%    0       7       -100% 

(MORE TO FOLLOW) Dow Jones Newswires

July 20, 2021 06:00 ET (10:00 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
MINING AND METALLURGICAL COMPANY NORILSK NICKEL -0.93% 31.89 Delayed Quote.2.92%
PLATINUM 1.27% 951 Delayed Quote.-10.96%
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Financials (USD)
Sales 2021 17 805 M - -
Net income 2021 7 660 M - -
Net Debt 2021 7 298 M - -
P/E ratio 2021 6,18x
Yield 2021 11,2%
Capitalization 49 084 M 49 084 M -
EV / Sales 2021 3,17x
EV / Sales 2022 3,09x
Nbr of Employees -
Free-Float 39,3%
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Number of Analysts 15
Last Close Price 32,11 $
Average target price 37,84 $
Spread / Average Target 17,8%
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Managers and Directors
Vladimir Olegovich Potanin President & Chairman-Management Board
Sergey Gennadyevich Malyshev Chief Financial Officer & Senior Vice President
Gareth Peter Herbert Penny Independent Non-Executive Chairman
Sergey Stanislavovich Stepanov Operational Director & Senior Vice President
Sergey Borisovich Bratukhin Independent Director
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