OJSC MMC Norilsk Nickel prospecting summary 2008-2010 and outline of key priorities for 2011

April 1, 2011 — OJSC MMCMining and Metallurgical CompanyPublic Joint Stock Company "Mining and Metallurgical Company "Norilsk Nickel"Go to the glossaryGo to the glossary Norilsk Nickel announces the results of prospecting department’s activities and outlines its plans for 2011.

Financing of the company’s prospecting activities for 2008-2010 has totaled RUB 3.969 billion. The increase of Norilsk Nickel group’s reserves has been 3,4 million tons for nickel, over 3,5 million tons for copper and around 1,92 thousand tons for platinum group metals, which is 3,4, 2,4 and 4,2 times greater than the respective production volumes for the same period of time.

The 2011 budget assumes financing of prospecting activities to be at RUB 1.7977 billion. It is planned to drill 114,48 thousand running meters. The increase of Company’s resources is expected to reach 180 thousand tons for nickel, 550 thousand tons for copper and 135 tons for platinum group metals.

Company prioritizes projects aimed at replenishing the mineral resource base in proximity to the active production facilities in Norilsk Industrial Region and Kola Peninsula. In Norilsk this refers to Maslovskoye and Oktyabrskoye deposits which can potentially provide an increase in rich ore deposits. On Kola Peninsula priority lies with prospecting the Allarechensk area, found to be a promising area of mineralization.

PJSC “MMC “NORILSK NICKEL” is a diversified mining and metallurgical company, the world’s largest producer of refined nickel and palladium and a leading producer of platinum, cobalt, copper and rhodium. The company also produces gold, silver, iridium, selenium, ruthenium and tellurium.

The production units of “NORILSK NICKEL” GroupPublic Joint Stock Company "Mining and Metallurgical Company "Norilsk Nickel” and its subsidiariesGo to the glossary include Polar Division, located at the Norilsk Industrial District on Taimyr Peninsula, and Kola Mining and Metallurgical Company located on the Kola Peninsula in Russia as well as Harjavalta nickel refinery in Finland.

PJSC “MMC “NORILSK NICKEL” shares are listed on the Moscow and on the Saint-Petersburg Stock Exchanges. PJSC “MMC “NORILSK NICKEL” ADRAmerican Depositary Receipt; a security representing partial ownership in deposited securities of a foreign company certified by receipts issued by a US depositary bankGo to the glossarys trade over the counter in the US and on the London and Berlin Stock Exchanges.