MMC Norilsk Nickel: NORILSK NICKEL ANNOUNCES PRELIMINARY CONSOLIDATED PRODUCTION RESULTS FOR 1Q 2019

MMC Norilsk Nickel (MNOD) MMC Norilsk Nickel: NORILSK NICKEL ANNOUNCES PRELIMINARY CONSOLIDATED PRODUCTION RESULTS FOR 1Q 2019 25-Apr-2019 / 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 25 April 2019 Public Joint Stock Company "Mining and Metallurgical Company "NORILSK NICKEL"                                 (PJSC "MMC "Norilsk Nickel", "Nornickel" or the "Company") NORILSK NICKEL ANNOUNCES PRELIMINARY CONSOLIDATED PRODUCTION RESULTS FOR 1Q 2019 Moscow -PJSC MMC Norilsk Nickel, the world's largest refined nickel and palladium producer, announces today preliminary consolidated production results for the first quarter 2019. First Vice-President - Chief Operating Officer, Sergey Dyachenko commented on the 1Q19 production results: «In 1Q 2019, we increased the output of all key metals, of which the most significant growthwas delivered in PGMs and copper. The increase in PGMs' production was due to a release of accumulated work-in-progress inventory at Krasnoyarsk Precious Metals Refinery. The increase in copper was drivenby an accelerated processing of concentrate purchased from Rostec and the ramp up of Bystrinsky Project. We reiterate our metal production guidance from own Russian feed, including Bystrinsky Project,for FY2019». NORILSK NICKEL GROUP Nickel In 1Q19, consolidated nickel production was up 3.4% year-on-year (y-o-y) to 56 kt. Nickel output from the Company's own Russian feed increased 2.8% y-o-y to 55 kt. The growth was mainly attributedto the higherprocessedvolumes of nickel matte shipped from Polar division to Kola MMC as well as ahigher output of metal produced from third party feed at Norilsk Nickel Harjavalta. Copper In 1Q19, consolidated copper outputwas up 13% y-o-y to 127 kt, almost all of which wereproduced from the Company's own Russian feed. The growth was driven by the ramp-up of Bystrinsky (Chita Copper) Project, increased mined ore volumes with higher copper grades andprocessing of concentrate purchased from Rostec. Platinum Group Metals In 1Q19,almost all of palladium and platinum wereproduced from the Company's own Russian feed, with their output amounting to 770 koz (+32% y-o-y) and 204 koz (+48% y-o-y), respectively. The increase of PGM output was attributed to a seasonal release of work-in-progress inventory and additional volumes ofnickel matte with high PGM content processedat Norilsk Nickel Harjavalta in addition to concentrates. RUSSIAN OPERATIONS In 1Q19, all saleable metals produced by the Company's Russian operations came from theirown feed. Nickel In 1Q19, nickel output at Kola MMCincreased 4% y-o-y to 39 kt.The growthof nickel output was attributed to increase of carbonyl nickel productionat Kola MMC to 1,1kt(+84% y-o-y) as  part of strategic diversificationof sales into premium products)) and higher processedvolumes of nickel matte shipped from Polar division to Kola MMC. Copper In 1Q19,copper output at the Company's operations in Russia increased 14% y-o-y to 122 kt. The growth was attributed to an increase in processed volumes of ore with higher metal gradesat Polar Division and higher metal outputfrom concentrate purchased from Rostec. Bystrinsky Projectwas ramping up on schedule, increasing 14-fold y-o-y to 10 ktof copper in copper concentrate. Platinum Group Metals In 1Q19, palladium and platinum output in Russia increased 31% y-o-y to 748 koz and 47% y-o-y to 199 koz, respectively. The PGM production volumes increased primarily owing to seasonal processing of accumulated work-in-progress inventory with a high degree of completion. NORILSK NICKEL HARJAVALTA (FINLAND) Nickel In 1Q19, nickel production at Norilsk Nickel Harjavalta increased 2% y-o-y to 17 kt.The increase was attributedto processing of nickel feed supplied by Boliden, which entered into a three-year contractwith Nornickel enabling it the most efficient utilizationof Harjavalta refining capacity. Copper In 1Q19, copper output at Norilsk Nickel Harjavalta decreased 3% q-o-q to 4kt.The decrease was attributed to lower copper content in processed Russian feed. Platinum Group Metals In 1Q19,output of saleable palladium and platinum (both contained in copper cake) amounted to 22koz (up 79% y-o-y) and 5koz (up 131% y-o-y), respectively. The increase in PGM output was attributed to higher metal content in processed Russian feed related to shipments of high-grade matte from Kola MMC. NKOMATI (SOUTH AFRICA)* In 1Q19, Nkomati (50% - owned by Norilsk Nickel) produced2kt of nickel (up 29% y-o-y), 1ktof copper (up 48% y-o-y), 11kozof palladium (up 78% y-o-y) and 4kozof platinum (up 119% y-o-y). The increase in metals production was attributed to higher volumes of mined ore with higher metal content. Note: Nkomati production results are not consolidated in the Group's total operating results. 2019 Production Guidance from Russian feedstock: Metals Volume Norilsk Nickel Group (excluding Chita) Ni, kt 220-225 Cu, kt 430-450 Pd, koz 2,770-2,800 Pt, koz 646-670 Bystrinsky (Chita) Copper Project * Cu, kt 40-46 Au, koz 192-212 Note: Norilsk Nickel owns 50.01% of Bystrinsky(Chita Copper) Project. Production resultsare shown on a 100% basis and are fully consolidated in the Company's financial and operating results.The hot commissioning of the project started on October 31, 2017. NORILSK NICKEL GROUP SALEABLE METALS PRODUCTION 1 Unit 1Q 2019 1Q 2018 Y-o-Y Totalnickel t 55,915 54,062 3%  including from own Russian feed t 54,832 53,320 3% Totalcopper t 126,765 112,290 13%  including from own Russian feed t 126,651 112,207 13% Totalpalladium koz 770 582 32%  including from own Russian feed koz 769 582 32% Totalplatinum koz 204 138 48%  including from own Russian feed koz 203 138 47% Polar division and Kola MMC (Russia)         Nickel t 39,265 37,666 4%  Kola MMC, including t 39,265 37,666 4%   refined Ni from own Russian feed t 38,983 37,081 5%   Ni in saleable concentrate from own Russian feed t 282 99 185%   from 3d parties feed t 0 486 - Copper t 112,307 107,012 5%  Polar division t 90,569 87,713 3%  Kola MMC, including t 21,738 19,299 13%   Cu cathodes from own Russian feed t 17,648 17,671 0%   Cu in saleable concentrate from own Russian feed t 4,090 1,545 165%   from 3d parties feed t 0 83 - Palladium koz 748 570 31%  Polar division koz 186 152 23%  Kola MMC, including koz 562 418 34%   from own Russian feed koz 562 418 34%   from 3d parties feed koz 0 0 - Platinum koz 199 136 47%  Polar division koz 44 40 10%  Kola MMC, including koz 155 96 62%   from own Russian feed koz 155 96 62%   from 3d parties feed koz 0 0 - GRK Bystrinskoye (Russia, ZabaykaiskyKrai) 2         Copper t 10,030 692 1349% Gold koz 43 2 2050% Ironoreconcentrate kt 162 0 - Norilsk Nickel Harjavalta (Finland)         Nickel, including t 16,650 16,396 2%   from own Russian feed t 15,567 16,140 -4%   from 3d parties feed t 1,082 256 323% Copper, including t 4,428 4,586 -3%   from own Russian feed t 4,314 4,586 -6%   from 3d parties feed t 114 0 - Palladium, including koz 22 12 79%   from own Russian feed koz 21 12 69%   from 3d parties feed koz 1 0 - Platinum, including koz 5 2 131%   from own Russian feed koz 4 2 89%   from 3d parties feed koz 1 0 - Nkomati (SouthAfrica) 3         Nickel t 2,245 1,736 29% Copper t 989 667 48% Palladium koz 11 6 78% Platinum koz 4 2 119% Notes: Total amounts may vary from the sum of numbers due to arithmetical rounding. The production results of Nkomati are not included in the total amounts of the Group. Norilsk Nickel Group owns 50.01% of Bystrinsky GOK (Chita Copper Project). Production results are reported as metal contained in saleable concentrate on a 100% basis and are fully consolidated in the Group's total operating results. The hot commissioning of the project started on October 31, 2017. Norilsk Nickel Group owns 50% of Nkomati. Production results are reported as metal contained in saleable concentrate on a 50% basis and are not consolidated in the Group's total operating results.     This announcement contains inside information in accordance with Article 7 of 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 metallurgical company, the world's largest producer of refined nickel and palladium and a leading producer of platinum, cobalt, copper and rhodium. The company also produces 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 Kola Mining and Metallurgical Company located on the Kola Peninsula in Russia as well as Harjavalta nickel refinery in Finland. PJSC «MMC «NORILSK NICKEL» shares are listed on the Moscow and on the Saint-Petersburg Stock Exchanges. PJSC «MMC «NORILSK NICKEL» ADRs trade over the counter in the US and on the London and Berlin Stock Exchanges.   Media Relations:     Investor Relations: Phone: [phone]    Phone: [phone] Email: [e-mail]    Email: [e-mail]

ISIN:	US55315J1025
Category Code:	MSCH
TIDM:	MNOD
Sequence No.:	8333
EQS News ID:	803377

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