CHINESE CONSORTIUM INVESTS IN THE BYSTRINSKY PROJECT OF NORILSK NICKEL
Moscow, December 29, 2015 - MMC Norilsk Nickel ("Norilsk Nickel" or the "Company") signed the set of binding agreements with Highland Fund to invest USD 100 million in the Bystrinsky project of Norilsk Nickel. Highland Fund ("Investor") is a consortium established by prominent Chinese investment funds and corporations.
The Investor will acquire a 13.33% stake in the Bystrinsky project with a pre-money valuation of Bystrinsky project of USD 650 million. Transaction proceeds will be used for project development purposes.
Commenting on the transaction, Vladimir Potanin, President of Norilsk Nickel, noted that "Partnership with a group of Chinese institutions with strong state sponsorship is aimed at unlocking the full potential of the Bystrinsky project and is in line with Company's strategy of de-risking the Bystrinsky development by bringing high-quality partners focused on the Asian markets and external financing to ensure its successful completion despite the challenging external environment."
Transaction is expected to complete upon the receipt of customary regulatory approvals. JP Morgan and VTB Bank acted as financial advisors to Norilsk Nickel on the transaction.
ABOUT NORILSK NICKEL:
Public Joint-Stock Company Mining and Metallurgical Company Norilsk Nickel is a diversified mining and metallurgical company, the world's largest producer of nickel and palladium and a leading producer of platinum, cobalt, copper and rhodium. In addition, the Company produces gold, silver, iridium, selenium, ruthenium and tellurium.
The production units of Norilsk Nickel are located in Russia at the Norilsk Industrial District and on the Kola Peninsula, as well as in Finland.
Norilsk Nickel's shares are listed on the Moscow and on the Saint-Petersburg Stock Exchanges. Norilsk Nickel ADRs trade over the counter in the US and on the London and Berlin stock exchanges.
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