26.03.2021

RUSAL welcomes the Bystrinsky project spin-off in favour of all Nornickel shareholders

Moscow, 26 March, 2021 – RUSAL (SEHK: 486; Moscow Exchange: RUAL), a leading global aluminium producer, announces that a preliminary agreement has been reached between the main shareholders of PJSC MMC Norilsk Nickel, RUSAL, Interros and Crispian to submit to the Board of Directors of MMC the issue of spinning-off the Bystrinsky project in favour of all shareholders of Norilsk Nickel.

The shareholders propose to distribute the ownership share of Nornickel in the Bystrinsky project among all the Company’s shareholders. Nornickel owns 50.01% of the Bystrinsky project, which includes the Bystrinskoye deposit and the Bystrinsky Mining and Processing Plant (GOK). The management of MMC is currently developing a spin-off for consideration by the Board of Directors. Taking into account the time frame for obtaining the necessary permits and completing the necessary corporate procedures, including the general meeting of shareholders of Nornickel, the spin-off process is expected to take approximately two years.

"The possible Bystrinsky GOK spin-off is a logical continuation of the development of this project, which has significant potential. Its geographical location, its proximity to one of the largest sales markets, China, and the unique ore base make the option of an independent future of this asset the most profitable outcome for all shareholders of Norilsk Nickel. The market will also fairly assess the prospects of this project", said Maxim Poletaev, Deputy Director of RUSAL.

For reference:
Interros, RUSAL and Crispian are the beneficial shareholders of PJSC MMC Norilsk Nickel with the following ownership interests, respectively, 34.6%, 27.8% and 4,7%.
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