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OFFON

MINING AND METALLURGICAL COMPANY NORILSK NICKEL

(MNOD)
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NORNICKEL MAJOR SHAREHOLDERS AGREED ON A SPIN-OFF OF BYSTRINSKY PROJECT

03/26/2021 | 12:17pm EDT
MMC Norilsk Nickel (MNOD) 
NORNICKEL MAJOR SHAREHOLDERS AGREED ON A SPIN-OFF OF BYSTRINSKY PROJECT 
26-March-2021 / 20:15 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 MAJOR SHAREHOLDERS AGREED ON A SPIN-OFF OF BYSTRINSKY PROJECT 
Moscow, March 26, 2021 - Nornickel, the world's largest producer of palladium and high-grade nickel and a major 
producer of platinum and copper, announces today that its principal shareholders Interros, Rusal and Crispian after 
having reached a preliminary mutual agreement are proposing to the Board of Directors to consider a spin-off of GRK 
Bystrinskoe (hereinafter Bystrinsky project) in favour of all Nornickel shareholders. 
The Company's major shareholders are proposing to allocate entire Nornickel's stake in Bystrinsky project among all 
Nornickel's shareholders. Norilsk Nickel holds 50.01% of shares in Bystrinsky project, which includes Bystrinskoye ore 
deposit and Bystrinsky concentrator. The management is currently preparing a spin-off plan for the Board review and 
approval. The spin-off is subject to due regulatory and corporate approvals, including the approval by the General 
meeting of shareholders of Nornickel, and is expected to take up approximately two years. 
The President of Nornickel, Vladimir Potanin commented on the proposal of major shareholders, "We welcome the decision 
of our major shareholders to support the spin-off of the Bystrinsky project. The management of Nornickel has done an 
outstanding job having built from scratch one of the leading mining assets in Russia, the largest greenfield project in 
the country's mining industry. Today the project has assembled an excellent management team, it has a strong potential 
for the further standalone development as it undoubtedly enjoys a very favorable geographic location close to the 
border with China, the world's largest consumer of copper. Bystrinsky project has always been a stand-alone asset, 
located remotely from Nornickel's legacy footprint in Russia and practically not integrated into Nornickel's production 
flow, thus not benefiting from any material synergies between the two assets. The project has its own and quite 
attractive investment story, which leads us to believe that its spin-off will create value for all our shareholders". 
For information purposes only: Interros, UC Rusal and Crispian Group are beneficiary owners of PJSC Norilsk Nickel 
holding 34.6%, 27.8% and 4.7% of its shares, respectively. 
Bystrinsky project (GRK Bystrinskoe), including Bystrinskoye ore deposit and Bystrinsky concentrator (Bystrinsky GOK), 
is owned by Nornickel (50.01%), CIS NRF Holdings (36.66%, representing the interests of Interros Group) ? United 
Resources Limited (13.33%, HOPU Investments). GRK Bystrinskoe is a leading mining company in the Far East of Russia 
with the annual ore processing capacity of 10 mtpa. In 2020, the project produced 63kt of copper and 241koz of gold in 
concentrate, with a revenue of USD1,004m and EBITDA of USD717m. 
 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 
MMC Norilsk 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 Group are 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, ADRs are traded over 
the counter in the US and on the London, Berlin and Frankfurt Stock Exchanges. 
IMPORTANT INFORMATION 
This announcement and the information contained herein are for information purposes only and do not constitute a 
prospectus or an offer to sell or a solicitation of an offer to buy or subscribe for any securities in the United 
States of America ("U.S."), Canada, Japan, Australia or in any other jurisdiction. Any securities to be distributed in 
connection with this transaction have not been and will not be registered under the U.S. Securities Act of 1933, as 
amended, or the laws of any state of the U.S.  Neither Nornickel nor any other party intends to register any securities 
referred to herein in the U.S. 
This communication is being distributed to, and is directed only at, persons in the United Kingdom in circumstances 
where section 21(1) of the Financial Services and Markets Act 2000 does not apply. This document does not constitute an 
offer document or an offer of securities to the public in the U.K. to which section 85 of the Financial Services and 
Markets Act 2000 of the U.K. applies and is not, and should not be considered as, a recommendation that any person 
should subscribe for or purchase any securities. This document is being communicated only to (i) persons who are 
outside the U.K.; (ii) persons who have professional experience in matters relating to investments falling within 
article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the 
"Order") or (iii) persons within the scope of article 43 of the Order or (iv) high net worth companies, unincorporated 
associations and other bodies who fall within article 49(2)(a) to (d) of the Order (all such persons together being 
referred to as "Relevant Persons"). Any investment or investment activity to which this document relates is available 
only to and will be engaged in only with Relevant Persons, and any person who is not a Relevant Person must not act or 
rely on this communication or any of its contents. This document should not be published, reproduced, distributed or 
otherwise made available, in whole or in part, to any other person without the prior consent of the company. 
 
 
Media Relations:     Investor Relations: 
Phone: +7 (495) 785 58 00    Phone: +7 (495) 786 83 20 
Email: pr@nornik.ru     Email: ir@nornik.ru 
=---------------------------------------------------------------------------------------------------------------------- 
ISIN:          US55315J1025 
Category Code: MSCH 
TIDM:          MNOD 
LEI Code:      253400JPTEEW143W3E47 
Sequence No.:  96432 
EQS News ID:   1179089 
 
End of Announcement  EQS News Service 
=------------------------------------------------------------------------------------ 
 

(END) Dow Jones Newswires

March 26, 2021 13:16 ET (17:16 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES AFRICA TITANS 50 INDEX 0.45% 527.9 Delayed Quote.-0.80%
DOW JONES SOUTH AFRICA(ZAR) -0.30% 1911.69 Delayed Quote.8.72%
MINING AND METALLURGICAL COMPANY NORILSK NICKEL 0.38% 34.69 Delayed Quote.10.77%
MMC CORPORATION BERHAD -1.14% 1.73 End-of-day quote.92.22%
PALLADIUM 0.69% 2680.5 Delayed Quote.8.41%
PLATINUM 0.11% 1053 Delayed Quote.-2.15%
S&P AFRICA 40 INDEX 0.78% 171.12 Delayed Quote.-1.86%
SILVER -0.42% 25.38 Delayed Quote.-3.36%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.12% 72.919 Delayed Quote.-0.88%
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Financials (USD)
Sales 2021 17 422 M - -
Net income 2021 7 362 M - -
Net Debt 2021 7 338 M - -
P/E ratio 2021 7,42x
Yield 2021 9,83%
Capitalization 54 895 M 54 895 M -
EV / Sales 2021 3,57x
EV / Sales 2022 3,47x
Nbr of Employees -
Free-Float 38,0%
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Number of Analysts 17
Last Close Price 34,69 $
Average target price 37,45 $
Spread / Average Target 7,95%
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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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