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MINING AND METALLURGICAL COMPANY NORILSK NICKEL

(MNOD)
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NORNICKEL ANNOUNCES CONSOLIDATED PRODUCTION RESULTS FOR 9 MONTHS OF 2021

10/20/2021 | 06:01am EST

MMC Norilsk Nickel (MNOD) NORNICKEL ANNOUNCES CONSOLIDATED PRODUCTION RESULTS FOR 9 MONTHS OF 2021 20-Oct-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 CONSOLIDATED PRODUCTION RESULTS FOR 9 MONTHS OF 2021 Moscow, October 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 production results for the third quarter and nine months of 2021.

Senior Vice President, Operations, Sergey Stepanov commented on the production results:

«In 9M 2021, the output of all key metals decreased owing to the temporary suspension of Oktyabrsky and Taimyrsky underground mines and Norilsk Concentrator. Over this period, production volumes of saleable nickel and copper reduced more relative to platinum group metals due to the shorter production cycle from ore to refined metal of the former. This factor played a reversed role once the mines and the concentrator started to recover, driving faster recovery of nickel and copper volumes relative to PGMs in the third quarter.

In addition, we would like to remind that a significant reduction in work-in-progress in transit materials and increase in PGM output in 1Q21 helped to partly offset the negative impact of temporary suspension of operations during the first 9M 2021. However, the shutdown of the metallurgical shop of Kola MMC in Monchegorsk in 1Q21 contributed additionally to the reduction of copper production in 9M 2021.

Currently, the Oktyabrsky mine is operating at full capacity, which was resumed already by the middle of May. The Taimyrsky mine is running at 85% capacity since resuming operation in early June and expected to return to full capacity by the beginning of December. At the moment, we are finishing pumping out the water from the bottom horizons of this mine, as well as reinstalling the fasteners at the horizons, which have been already drained, aiming at the improvement of industrial safety. The Norilsk Concentrator has recovered to 93% of its design capacity with the help of mobile crushers, and is expected to return to full capacity by this December.

Taking into account the current progress in the recovery of the production facilities of the Norilsk division, we reiterate 2021 metal production forecast for nickel and copper within the earlier announced range, while flagging up an upside risk for PGM volumes, which are expected at the top end of the guided range.»

NORILSK NICKEL GROUP

Nickel

In 3Q21, consolidated nickel output increased 55% quarter-on-quarter (q-o-q) to 51 kt, almost all of which were produced from the Company's own Russian feed (50 kt, up 60% q-o-q). The increase in production was attributed to the completion of recovery of the Taimyrsky mine (4.3 mtpa of ore) after the flooding caused by the inflow of groundwater, as well as the ramp up of the Norilsk Concentrator as a result of the launch of mobile crushers. The Taimyrsky underground mine and Norilsk Concentrator are scheduled to return to full capacity this December.

The decrease in nickel production in 3Q21 at Norilsk Nickel Harjavalta was caused by annual scheduled maintenance and repairs.

In 9M21, total nickel output decreased 23% y-o-y to 130 kt, practically all of which were produced from the Company's own Russian feed (127 kt, down 23% q-o-q).

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 temporary suspension of the Norilsk Concentrator and consequent repairs.

Copper

In 3Q21, copper production increased 42% q-o-q to 116 kt. In 9M21, total copper output decreased 20% y-o-y to 288 kt , almost all of which were produced from the Company's own Russian feed. Copper production declined in the reported periods due to the same causes as described above for nickel.

Platinum Group Metals

In 3Q21, palladium and platinum output increased 9% and 8% q-o-q to 598 koz and 145 koz, respectively. In 9M21, total palladium and platinum output reduced 7% y-o-y to 1,913 koz and 10% y-o-y to 463 koz, respectively. All PGMs were produced from the Company's own Russian feed. The decline in PGMs production in the reported periods was attributed to the same causes as described above for nickel.

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.

                                                           3Q      2Q 
NORILSK NICKEL GROUP SALEABLE METALS PRODUCTION 1                         Q-o-Q 9M 2021 9M 2020 Y-o-Y 
                                                           2021    2021 
Total nickel                                           t   50,575  32,644 55%   129,858 167,753 -23% 
 including from own Russian feed                       t   50,194  31,457 60%   127,208 165,985 -23% 
Total copper                                           t   115,617 81,400 42%   288,310 358,588 -20% 
 including from own Russian feed                       t   115,591 81,400 42%   288,284 358,447 -20% 
Total palladium                                        koz 598     548    9%    1,913   2,053   -7% 
 including from own Russian feed                       koz 598     548    9%    1,912   2,052   -7% 
Total platinum                                         koz 145     134    8%    463     513     -10% 
 including from own Russian feed                       koz 145     134    8%    463     513     -10% 
Norilsk and Kola Division (Russia) 
Nickel                                                 t   43,014  23,874 80%   99,698  121,938 -18% 
 Kola MMC, including                                   t   43,014  23,874 80%   99,698  121,938 -18% 
  refined Ni from own Russian feed                     t   37,700  17,107 120%  81,002  112,079 -28% 
  saleable intermediate products from own Russian feed t   5,314   6,767  -21%  18,696  9,859   90% 
  from 3d parties feed                                 t   0       0      0%    0       0       0% 
Copper                                                 t   97,810  64,932 51%   237,756 311 159 -24% 
 Norilsk Division                                      t   95,020  61,427 55%   219,108 262,384 -16% 
 Kola MMC, including                                   t   2,790   3,505  -20%  18,648  48,775  -62% 
  Cu cathodes from own Russian feed                    t   0       66     -100% 9,169   44,990  -80% 
  saleable intermediates from own Russian feed         t   2,790   3,439  -19%  9,479   3,785   150% 
  from 3d parties feed                                 t   0       0      0%    0       0       0% 
Palladium                                              koz 592     548    8%    1,906   2,044   -7% 
 Norilsk Division                                      koz 299     249    20%   783     880     -11% 
 Kola MMC, including                                   koz 293     299    -2%   1,123   1,164   -3% 
  from own Russian feed                                koz 293     299    -2%   1,123   1,164   -3% 
  from 3d parties feed                                 koz 0       0      0%    0       0       0% 
Platinum                                               koz 144     134    7%    461     511     -10% 
 Norilsk Division                                      koz 73      67     9%    199     224     -11% 
 Kola MMC, including                                   koz 71      67     5%    262     288     -9% 
  from own Russian feed                                koz 71      67     5%    262     288     -9% 
  from 3d parties feed                                 koz 0       0      0%    0       0       0% 
Kola Division (NN Harjavalta, Finland) 
Nickel, including                                      t   7,561   8,770  -14%  30,160  45,815  -34% 
  from own Russian feed                                t   7,180   7,583  -5%   27,510  44,047  -38% 
  from 3d parties feed                                 t   381     1,187  -68%  2,650   1,768   50% 
Copper, including                                      t   393     0      -     393     1,650   -76% 
  from own Russian feed                                t   367     0      -     367     1,509   -76% 
  from 3d parties feed                                 t   26      0      -     26      141     -82% 
Palladium, including                                   koz 6       0      -     6       9       -33% 
  from own Russian feed                                koz 6       0      -     6       8       -27% 
  from 3d parties feed                                 koz 0       0      -     0       1       -81% 
Platinum, including                                    koz 1       0      -     1       2       -28% 
  from own Russian feed                                koz 1       0      -     1       2       -10% 
  from 3d parties feed                                 koz 0       0      -     0       0       -100% 
Zabaykalsky Division (Russia) 2 

(MORE TO FOLLOW) Dow Jones Newswires

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

Stocks mentioned in the article
ChangeLast1st jan.
MINING AND METALLURGICAL COMPANY NORILSK NICKEL 3.62% 29.76 Delayed Quote.-7.92%
PLATINUM 1.49% 953.5 Delayed Quote.-10.03%
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Financials (USD)
Sales 2021 17 646 M - -
Net income 2021 7 548 M - -
Net Debt 2021 7 135 M - -
P/E ratio 2021 5,89x
Yield 2021 12,6%
Capitalization 43 918 M 43 918 M -
EV / Sales 2021 2,89x
EV / Sales 2022 2,88x
Nbr of Employees -
Free-Float 38,0%
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Number of Analysts 17
Last Close Price 28,73 $
Average target price 35,55 $
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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