MMC Norilsk Nickel : INDEPENDENT ASSESSMENT OF THE CAUSES OF THE FUEL SPILL INCIDENT PRESENTED TO THE BOARD OF DIRECTORS

 
 MMC Norilsk Nickel (MNOD) 
MMC Norilsk Nickel: INDEPENDENT ASSESSMENT OF THE CAUSES OF THE FUEL SPILL 
INCIDENT PRESENTED TO THE BOARD OF DIRECTORS 
 
26-Nov-2020 / 12:01 MSK 
Dissemination of a Regulatory Announcement, 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") 
 
INDEPENDENT ASSESSMENT OF THE CAUSES OF THE FUEL SPILL INCIDENT PRESENTED TO 
THE BOARD OF DIRECTORS 
 
      Moscow, November 26, 2020 - Nornickel, the world's largest producer of 
palladium and high-grade nickel and a major producer of platinum and copper, 
          announces today that ERM, a global consultant appointed to provide 
independent environmental advisory support to Nornickel's Environmental Task 
 Team, which comprises of 5 independent directors and is led by the Chairman 
  of the Board of Directors, presented to the Board its report assessing the 
   root causes and contributing factors affecting the fuel spill incident in 
   Norilsk on May 29, 2020 and containing recommendations on preventing such 
    incidents in the future. A summary of this report can be found here [1]. 
 
The ERM report had previously been reviewed by the Nornickel's Environmental 
        Task Team. Yesterday the Board itself discussed the ERM findings and 
    recommendations with ERM. These would now be considered carefully by the 
   Board and management and a plan to implement the recommendations would be 
                                                                   drawn up. 
 
       Gareth Penny, Chairman of the Board of Nornickel commented on the ERM 
  report: "I would like to thank ERM for its insightful report and important 
     recommendations. This has been produced under difficult and challenging 
    circumstances. It was important that a globally recognised and respected 
     firm such as ERM has undertaken an independent review of events and the 
 clean-up efforts by the company. Important progress has been made, but with 
      much that must still be achieved. Nornickel remains fully committed to 
        making the necessary progress in environmental affairs to ensure its 
                               operations adhered to world-class standards." 
 
       Sergey Dyachenko, First Vice President and Chief Operating Officer of 
     Nornickel, said: "Regardless of the causes of the incident, the company 
   takes responsibility for the full clean-up. ERM's findings confirmed that 
    the new climate change risks are emerging and we should improve our risk 
   management in order to mitigate them more efficiently. We have launched a 
  comprehensive review of our environmental risk management. A number of new 
    corporate governance instruments have already been introduced, including 
   Risk Management Committee chaired by the company's President. In terms of 
      physical risks, we are upgrading our permafrost monitoring service and 
  designing a foundations monitoring system. The monitoring project includes 
   satellite imaging, monitoring of supporting piles and soil temperature by 
means of confirmative geological drilling, installation of strain gauges and 
      temperature sensors, and an upgrade of the Polar Division's Diagnostic 
      Centre and the permafrost laboratory. Overall, our capital investments 
towards an improvement of the industrial safety of infrastructure in Norilsk 
    is budgeted at 100 billion roubles. We remain firmly committed to do all 
    that is necessary to minimise the risks of environmental impact. We also 
     reiterate our commitment to fully rehabilitate the area impacted by the 
                                                diesel fuel spill incident." 
 
                                                           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. 
 
                                                                  About ERM: 
 
            ERM is a leading global sustainability consulting firm providing 
     environmental, health, safety, risk consulting and related services. It 
   employs more than 5,500 people in over 40 countries. ERM has a specialist 
  mining division and has worked with most of the top 20 mining companies in 
    the world delivering innovative advice and solutions to help them manage 
                  their environmental and overall sustainability challenges. 
 
                                        Media Relations: Investor Relations: 
 
                         Phone: [phone] Phone: [phone] 
 
                                     Email: [e-mail] Email: [e-mail] 
 
ISIN:          US55315J1025 
Category Code: MSCH 
TIDM:          MNOD 
LEI Code:      253400JPTEEW143W3E47 
Sequence No.:  88551 
EQS News ID:   1150728 
 
End of Announcement EQS News Service 
 
 
1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=2e615443a16c28d68ab108b8df8a0c8c&application_id=1150728&site_id=vwd&application_name=news

(END) Dow Jones Newswires

November 26, 2020 04:01 ET (09:01 GMT)