MMC Norilsk Nickel (MNOD)
Public Joint Stock Company «Mining and Metallurgical Company «NORILSK NICKEL» (PJSC "MMC "Norilsk Nickel", "Nornickel" or the "Company")
NORNICKEL INCREASES INVESTMENTS IN INDUSTRIAL SAFETY
Moscow, 29 September, 2020 - Nornickel, the world's largest producer of palladium and high-grade nickel and a major producer of platinum and copper, announces its plans to increase investments in modernization of the fuel and energy complex in 2020-2024 by over 100 billion roubles (approximately USD 1.3 billion as of current exchange rate).
These plans envisage an expansion of a large-scale investment program in energy infrastructure on Taimyr Peninsula that has been launched to provide energy resources to new growth projects. The expansion is specifically focused on industrial safety of all facilities including those built on permafrost.
The enhanced investment programme includes replacement of equipment at heat and hydro power stations, upgrade of power grid and gas pipeline systems and modernization of fuel tank storages.
First Vice president, Chief Operating Officer, Sergey Dyachenko commented,
"The priority of our corporate strategy is sustainable production growth that is impossible to execute without development of infrastructure. For this very reason, Nornickel is aligning its investments in modernization of the fuel and energy complex with the development of mining and metallurgical assets. A special focus of these investments is the monitoring of the permafrost conditions. We plan to introduce a systematic monitoring of permafrost areas to see how they are affected by climatic fluctuations in Taimyr in order to ensure top level safety of our energy infrastructure that is critical to our production assets and to residents of Norilsk industrial district".
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.
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