Moscow, July 29, 2016 - PJSC MMC Norilsk Nickel (hereinafter - Nornickel or the Company), the world's largest nickel and palladium producer, announces preliminary consolidated production results for the second quarter and the first half of 2016.

Nickel

2Q16 consolidated nickel production amounted to 58 kt decreasing 9% quarter-on-quarter (q-o-q). Nickel output from the Company's own Russian feed reached 47 kt, down 9% q-o-q. The reduction was driven by the increase of work-in-progress material in transit due to shut down of smelting and roasting capacities of Nickel Plant and lower metal content in mined ore.
Overall in 1H16, nickel output amounted to 122 kt decreasing 7% year-on-year (y-o-y) driven mostly by one-off increase of work-in-progress material in transit due to the ongoing reconfiguration of downstream production facilities at Polar division and lower metal content in mined ore.

Copper

2Q16 consolidated copper production amounted to 90 kt increasing 3% q-o-q. Copper output from the Company's own Russian feed reached 86 kt, up 1% q-o-q. The increase was attributed to higher copper content in mined ore.
Overall in 1H16, copper output amounted to 177 kt decreasing 3% y-o-y driven mostly by the increase of work-in-progress material in transit.

Platinum Group Metals

2Q16 consolidated palladium and platinum output amounted to 688 koz (up 7% q-o-q) and 162 koz (down 5% q-o-q), respectively. Palladium output from the Company's own Russian feed reached 678 koz, up 8% q-o-q and platinum output reached 159 koz, down 3% q-o-q. The growth of palladium and decrease of platinum output was mainly attributed to a respective change of metal content in mined ore.

Overall in 1H16, palladium and platinum output amounted to 1,330 koz (down 2% y-o-y) and 333 koz (down 2% y-o-y), respectively. The decline was driven mostly by the ongoing reconfiguration of downstream production facilities at Polar division and increase of work-in-progress material in transit.

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OJSC MMC Norilsk Nickel published this content on 29 July 2016 and is solely responsible for the information contained herein.
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