OJSC MMC Norilsk Nickel the world’s largest nickel and palladium producer, announces preliminary consolidated production results for the fourth quarter of 2008 and full year 2008 at its Polar and Kola Divisions in Russia and international operations in Finland, Australia, Botswana and South Africa.
• Overall saleable nickel production for 12 months 2008 amounted to 299.7 thousand metric tonnes comparing to 276 thousand metric tonnes for 12 months 2007.
• Overall saleable copper production for 12 months 2008 increased to 419 thousand metric tonnes from 415 thousand metric tonnes for the same period in 2007.
• The Company has produced 2,821 thousand ounces of palladium and 659 thousand ounces of platinum for 12 months 2008.
The Polar and Kola Divisions in Russia produced 63.4 thousand metric tonnes of nickel and 99.4 thousand metric tonnes of copper in fourth quarter in line with production plan. As expected, full year nickel production totaled 232.3 thousand metric tonnes, copper – 400.4 thousand metric tonnes.
Palladium production in fourth quarter of 2008 amounted to 641.0 thousand troy ounces and platinum production reached 152.4 thousand troy ounces. Polar and Kola Divisions produced 2,701.5 thousand troy ounces of palladium and 632.3 thousand troy ounces of platinum in 2008. As previously announced, the decrease of PGM production in 2008 was due to the scheduled maintenance & repair works at Nadezhda Metallurgical Plant and deliveries of nickel concentrate to Harjavalta refinery in Finland for test runs. We also note that there was certain decrease of base and precious metals grades in ores mined.
Production of saleable nickel by Tati Nickel and Nkomati in 2008 totaled 23,410 metric tonnes (Nkomati production at 50% corresponding to Norilsk Nickel’s ownership). The underproduction of Tati Nickel in fourth quarter of 2008 is due to 8 days suspension of operations in December 2008 following the unforeseen furnace breakdown at BCL Smelter in Botswana, where 90% of the concentrate produced at Tati Nickel is processed.
In Western Australia, total production for the Lake Johnston, Waterloo and Black Swan operations for the fourth quarter of 2008 were in line with the production plans. The Lake Johnston and Waterloo operations produced 4,940 metric tonnes of saleable nickel in the fourth quarter of 2008 and 14,664 metric tonnes of saleable nickel for the full year 2008. During fourth quarter of 2008 Cawse, Waterloo and Silver Swan operations were put on indefinite care & maintenance as part of a reassessment program for international nickel assets of the Company.
The Harjavalta refinery in Finland produced 13,827 metric tonnes of nickel in fourth quarter of 2008, including 7,807 metric tonnes of own saleable nickel (comprising feed from Black Swan and Western Areas treated at the Lake Johnston concentrator, as well as purchased intermediaries) and 6,020 metric tonnes of tolled nickel. Full year production at Harjavalta refinery totaled 51,112 metric tonnes of nickel, including 29,344 metric tonnes of own metal.
The stated production volumes do not include the production figures of Stillwater Mining Company.
ABOUT MMC NORILSK NICKEL:
MMC Norilsk Nickel, a company incorporated under the laws of the Russian Federation, is the largest diversified mining and metals company in Russia, the world's largest producer of nickel and palladium and one of the world's largest producers of platinum, rhodium, copper and cobalt. In addition to this, MMC Norilsk Nickel produces a large number of other by-products, including gold, silver, tellurium, selenium, iridium and ruthenium.
The key production units of the Company’s group in Russia are the Polar Division and OJSC Kola Mining and Metallurgical Company. MMC Norilsk Nickel international assets include operations in Finland, Australia, Botswana and South Africa. MMC Norilsk Nickel is the majority shareholder in Stillwater Mining Company, the largest producer of platinum group metals in North America, whose shares are traded on the New York Stock Exchange.
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