MMC Norilsk Nickel (MNOD) 
NORNICKEL ANNOUNCES PRODUCTION RESULTS FOR 4Q AND FY2020 
29-Jan-2021 / 13:04 MSK 
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 
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The issuer is solely responsible for the content of this announcement. 
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 PRESS RELEASE 
Public Joint Stock Company «Mining and Metallurgical Company «NORILSK NICKEL» (PJSC "MMC "Norilsk Nickel", "Nornickel" 
or the "Company") 
 
NORNICKEL ANNOUNCES PRODUCTION RESULTS FOR 4Q AND FY2020 
Moscow, 29 January, 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 fourth quarter and the 
full year of 2020 and reiterates its production outlook for the full year 2021. 
First Vice-President, Chief Operating Officer, Sergey Dyachenko commented on the production results, 
«The Company fully met its 2020 production guidance despite some unprecedented environmental and epidemiological 
challenges. 
Total nickel output came in line, while platinum group metals production exceeded the guidance owing mainly to 
productivity improvements and successful ramp-up of the refining shop at Kola MMC after its upgrade to a new chlorine 
leaching technology. 
Copper output was also within the guidance driven by the scheduled ramp-up of Bystrinsky (Chita) project that reached 
its design capacity for all metals in 4Q 2020. 
Nornickel has achieved a material progress in the clean-up of the fuel spill incident in Norilsk. By now we have 
completed the main phase of the clean-up. We continue developing the most effective approach for the rehabilitation of 
the contaminated soil and restoration of the damaged ecosystem in close cooperation with all stakeholders. 
In the second half of the last year, a unique Great Norilsk Expedition, which was comprised of 30 scientists form 14 
leading research institutes of the Siberian Branch of Russian Academy of Sciences, completed its fieldwork in the 
Norilsk region. Based on the results of the research, a report was published providing an independent assessment of the 
fuel spill impact on the local environment and recommendations for the most efficient rehabilitation of the disturbed 
area. 
Reduction of the Company's environmental impact remains our absolute strategic priority and we reiterate our commitment 
to radically improve the environmental situation in the regions of our operations. 
In particular, in December 2020, smelting facilities of Kola MMC located in the town of Nickel in Russia's Murmansk 
region, were shut down as scheduled. As a result, sulphur dioxide emissions at the cross-border area with Norway have 
been completely eliminated, while overall sulphur dioxide emissions at Kola MMC were down by more than 50% in 2020 and 
should reduce by 85% in 2021 comparing to 2015 level. 
Finally, I would like to highlight that Nornickel is making all necessary arrangements to protect the health and safety 
of its employees from the impact of COVID-19. The epidemiological situation at our operating sites remains well under 
control, with the epidemic not having any material impact on Company's operations. 
We reiterate our production guidance from own Russian feed for FY2021 as announced at the Capital Markets Day in 
December 2020». 
 
NORILSK NICKEL GROUP 
Nickel 
In 4Q20, consolidated nickel production increased 13% quarter-on-quarter (q-o-q) to 68 kt, almost all of which were 
produced from the Company's own Russian feed (67 kt, +12 q-o-q). The growth was attributed to the gradual ramp-up of 
nickel refinery at Kola MMC, which is using new chlorine-leaching technology, increase of production of nickel 
concentrate for sale and a low base effect of the previous quarter, when Norilsk Nickel Harjavalta refinery was 
undergoing annual scheduled maintenance and repairs. 
In 2020, consolidated nickel production increased 3% year-on-year (y-o-y) to 236 kt primarily owing to increase in 
production of nickel concentrate for sale at Kola MMC and higher processing volumes of the Company's Russian feed at 
Norilsk Nickel Harjavalta. 
Nickel output from the Company's own Russian feed amounted to 233 kt, near the top end of the 225-235 kt production 
guidance for 2020. 
Copper 
In 4Q20, consolidated copper production increased 8% q-o-q to 129 kt, almost all of which were produced from own 
Russian feed. The growth was attributed to increased mined ore volumes at the Polar Division, expansion of copper 
production and higher copper grades at Bystrinsky (Chita) Project and shipment of copper cake from Norilsk Nickel 
Harjavalta to Boliden. 
In 2020, consolidated copper production decreased 2% y-o-y to 487 kt. The decline was attributed to changes in saleable 
product mix, reallocation of copper intermediates within the Company's divisions and lower processed volumes of 
concentrate, which was purchased from Rostec. 
Copper output from the Company's own Russian feed (excluding Bystrinsky project) amounted to 424 kt, which was in line 
with 420-440 kt production guidance range for 2020. Copper output at Bystrinsky GOK increased 44% y-o-y to 63 kt, which 
was at the top end of the 60-63 kt production guidance for the asset. 
Platinum Group Metals 
In 4Q20, palladium and output reduced 1% q-o-q to 773 koz and 5% q-o-q to 182 koz, respectively, almost all of which 
were produced from the Company's own Russian feed. The decrease of PGMs output was attributed to the commissioning of 
the new precious metals concentrate production line at the metallurgical shop of Kola MMC and termination of temporary 
processing of chlorine leaching residues at the facilities of the Polar Division. 
In 2020, palladium and platinum output reduced 3% y-o-y to 2,826 koz and 1% y-o-y to 695 koz, respectively, owing to 
the commissioning of the new precious metals concentrate production line at the metallurgical shop of Kola MMC, as well 
as high base effect of 2019, when Krasnoyarsk Precious Metals Plant processed earlier accumulated work-inprogress 
inventory. 
In 2020, palladium and platinum output from the Company's own Russia feed amounted to 2,820 koz and 693 koz, 
respectively, which was above the production targets for palladium of 2,648-2,777 koz and 611-675 koz for platinum. 
RUSSIAN OPERATIONS 
In 2020, all saleable metals produced by the Company's Russian operations were from their own feed. 
Nickel 
In 4Q20, nickel output at Kola MMC increased 6% q-o-q to 50 kt. The increase was attributed to the scheduled ramp-up of 
nickel refinery at Kola MMC operating new chlorine leaching technology as well as higher production of nickel 
concentrate for sale. 
In 2020, Kola MMC's nickel production increased 4% y-o-y to 172 kt, including 18 kt (+41% y-o-y) of nickel concentrate 
for sale to third parties. As part of strategic diversification of sales into premium products, carbonyl nickel 
production at Kola MMC increased 2% y-o-y to 4 kt. 
Copper 
In 4Q20, copper output at the Company's operations in Russia increased 8% q-o-q to 128 kt. owing to the increase in 
mined ore volumes at Polar Division, as well as the ramp-up of Bystrinsky (Chita) Project and higher mined copper 
grades there. 
In 2020, the Company's copper output in Russia remained practically unchanged at 485 kt, including 63 kt in copper 
concentrate (+44% y-o-y) of Bystrinsky (Chita) Project . 
Platinum Group Metals 
In 4Q20, the Company's palladium and platinum output in Russia reduced 2% q-o-q to 766 koz and 5% q-o-q to 180 koz, 
respectively. Lower production was attributed to the start of processing of chlorine-leaching residues in-house at Kola 
Division following the ramp-up of new precious metals concentrate production line at the metallurgical shop at Kola MMC 
and termination of temporary processing of chlorine leaching residues at the facilities of the Polar Division. 
In 2020, palladium and platinum output reduced 2% y-o-y to 2,809 koz  and increased marginal 0,2% y-o-y to 691 koz, 
respectively. The decrease in palladium production and an insignificant increase in platinum production were attributed 
to the ramp-up of the new precious metals concentrate production line at the metallurgical shop at Kola MMC, where 
precious metal concentrates are produced from residues of chlorine leaching, the feed coming from the new chlorine 
leaching nickel refinery at Kola MMC. During the ramp-up phase, concentrates of precious metals, which were produced at 
Kola MMC, were shipped for processing to Polar Division, which led to increase of work-in-progress materials in 
transit. Another reason for palladium production being small down y-o-y was the high base effect of 2019, when 
Krasnoyarsk Precious Metals Plant processed earlier accumulated work-inprogress inventory. 
NORILSK NICKEL HARJAVALTA (FINLAND) 
Nickel 
In 4Q20, Norilsk Nickel Harjavalta increased its nickel production 38% q-o-q to 18 kt, primarily due to a low base 
effect of the previous quarter, when the refinery was undergoing scheduled repairs and maintenance. 
In 2020, Harjavalta increased its nickel output 1% y-o-y to 63 kt owing to a slight increase in volumes of Russian feed 
shipped for processing. 
Copper 
In 4Q20, Norilsk Nickel Harjavalta increased copper output 3-fold to 841 t, which was driven by the deliveries of 
copper cake to Boliden to meet contractual obligations. 
In 2020, copper output at Harjavalta decreased 81% y-o-y to just over 2 kt, owing to the shipment of copper cake to 
Copper Plant of the Polar Division for further refining. 
Platinum Group Metals 
In 4Q20, Harjavalta's output of saleable palladium and platinum (both contained in copper cake) amounted to 7 koz (a 
3-fold increase q-o-q) and 2 koz (a 2- fold increase q-o-q), respectively. The increase was attributed to the 
deliveries of copper cake to Boliden to meet contractual obligations.

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