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MINING AND METALLURGICAL COMPANY NORILSK NICKEL

(MNOD)
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Public Joint Stock Mining and Metallurgical Norilsk Nickel : Nornickel, Rosatom and Far East Shipbuilder signed agreement of intent to design and build...

09/02/2021 | 10:22pm EDT

Moscow, September 3, 2021 - NornickelPublic Joint Stock Company 'Mining and Metallurgical Company 'Norilsk Nickel' and its subsidiariesGo to the glossary, the world's largest producer of palladium and high-grade nickel and a major producer of platinum and copper, Rosatom State Corporation and the Far Eastern Shipbuilding and Ship Repair Center (FESRC, part of Rosneft Oil CompanyPublic Joint Stock Company 'Mining and Metallurgical Company 'Norilsk Nickel'Go to the glossary) have signed an agreement of intent to design and build a dual-fuel diesel-LNG icebreaker to escort ships carrying Nornickel's cargo along the Northern Sea Route. The agreement was signed at the Eastern Economic Forum.

Icebreaker clears path for Nornickel cargo carrier along Norther Sea Route

Nornickel, the largest industrial company in the Russian Arctic, has unique expertise in operating the Northern Sea Route, a strategic transport artery of the global logistics system. In 2020, the Nornickel fleet transported over 1.5 mt of cargo along the Northern Sea Route, which accounts for around 5% of the Route's total cargo turnover.

The turnover of the Arctic ports of Dudinka and Murmansk is growing. Nornickel has been modernising and expanding infrastructure in port cities, as well as increasing and renewing its fleet to handle the increased cargo traffic. The new LNG icebreaker will enable Nornickel to replace the Taimyr-type vessel that will be decommissioned in 2027-2029.

The agreement of intent with Rosatom and FESRC is aimed at building cooperation between leading Russian companies with the goal of solving national-scale problems, including the implementation of investment projects in the Russian Arctic, the Northern Sea Route infrastructure development and growing cargo turnover, as well as the launch of LNG icebreaker production in Russia.

The parties will form a working group to develop terms of reference for the LNG icebreaker design and construction, select a shipyard, and consider financing options. By mid-2022, the working group is expected to prepare a draft contract for the vessel design and construction.

Vladimir Potanin, Nornickel President, commented: 'The icebreaker fleet is the flagship of large-scale modernisation of transport infrastructure in the Norilsk Industrial District. Nornickel is increasing the volume of traffic to efficiently implement strategic investment projects in the region. The new icebreaker will help the company to meet its ambitious goals, and the agreement will serve as an important step in building partnerships between leading Russian companies in the development of the Arctic.'

Earlier this year, Nornickel and Rosatom signed an agreement that would extend the period for the provision of icebreaking services. More information on the agreement can be found here.

ABOUT THE COMPANY
MMCMining and Metallurgical CompanyGo to the glossaryNorilsk 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 GroupPublic Joint Stock Company 'Mining and Metallurgical Company 'Norilsk Nickel' and its subsidiariesGo to the glossaryare 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, ADRAmerican Depositary Receipt; a security representing partial ownership in deposited securities of a foreign company certified by receipts issued by a US depositary bankGo to the glossarys are traded over the counter in the US and on the London, Berlin and Frankfurt Stock Exchanges.

3 September 2021

Disclaimer

OJSC MMC Norilsk Nickel published this content on 03 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 September 2021 02:21:08 UTC.


© Publicnow 2021
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Financials (USD)
Sales 2021 17 563 M - -
Net income 2021 7 179 M - -
Net Debt 2021 7 410 M - -
P/E ratio 2021 6,96x
Yield 2021 10,6%
Capitalization 50 949 M 50 949 M -
EV / Sales 2021 3,32x
EV / Sales 2022 3,21x
Nbr of Employees -
Free-Float 39,3%
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Mining and Metallurgical Company Norilsk Nickel Technical Analysis Chart | MNOD | US55315J1025 | MarketScreener
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Mean consensus OUTPERFORM
Number of Analysts 14
Last Close Price 33,33 $
Average target price 36,01 $
Spread / Average Target 8,03%
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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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