MMC Norilsk Nickel (MNOD)
Public Joint Stock Company «Mining and Metallurgical Company «NORILSK NICKEL» (PJSC "MMC "Norilsk Nickel", "Nornickel" or the "Company")
NORNICKEL PARTIALLY SUSPENDS OPERATIONS AT OKTYABRSKY AND TAIMYRSKY MINES
Moscow, February 24, 2021 - Nornickel, the world's largest producer of palladium and high-grade nickel and a major producer of platinum and copper has partially suspended its mines Oktyabrsky and Taimyrsky.
On February 12, during tunnelling operations, natural groundwater inflow was detected at the 350 meters depth mark in the mine headwall at Oktyabrsky mine. Due to the increased water inflow to the drainage systems of the mine and in accordance with safety procedures and applicable law, the Company has partially suspended operations at the mine until flooding ceases. The waterlogging is currently being eliminated.
Nornickel's First Vice President and Chief Operating Officer, Sergey Dyachenko, commented: "Partial suspension of the Oktyabrsky mine was required as a preventive measure to ensure the safety of our employees. Operations at the Taimyrsky mine have also been partially suspended, since there are connected underground workings between the two mines, and water has found its way into this mine's horizon. We are currently installing a cofferdam to stop further water inflow. Once the cofferdam is in place, we will be able to estimate the amount of water accumulated in the mine workings and enhance our response efforts to drain the workings as quickly as possible. We are doing our best to eliminate the flood as quickly as possible, to minimise its impact on our production plans. We will assess the impact of the partial mine suspension on our metal production guidance once the relief operation is complete".
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
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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