[ferro-alloys.com] PJSC MMC Norilsk Nickel, the world’s largest refined nickel and palladium producer,announces today preliminary consolidated production results for the fourth quarter and the full year of 2018 and reiterates its production outlook for the full year 2019.

In 4Q18, consolidated nickel production increased 16% quarter-on-quarter (q-o-q) to 62 kt,almost all of which was produced from own Russian feed. The growth was attributed to expansion of carbonyl nickel production capacities at Kola MMC and increase in production of nickel concentrate for sale to third parties.

In 2018, consolidated nickel production increased 1% year-on-year (y-o-y) to 219 kt. Nickel output from the Company’s own Russian feed amounted to 217 kt, up 3% y-o-y and above the 210-215 kt production guidance.

In 2018, all saleable metals were produced by the Company in Russia from its own feed.

In 4Q18, nickel output at Kola MMC increased by 22% q-o-q to 45 kt. In 2018, nickel output at Kola MMC amounted to 158 kt, which was slightly above the previous year level. Substantial increase of nickel output in 4Q18 was attributed to expansion of carbonyl nickel production capacities at Kola MMC and increase in production of nickel concentrate for sale to third parties.

In 4Q18, nickel production at Norilsk Nickel Harjavalta increased 2% q-o-q to 17 kt. Nickel output from the Company’s own Russian feed also increased 3% q-o-q to 16 kt. The increase was attributed to higher processing volumes of Russian feed. In 2018, nickel output at Harjavalta increased 2% y-o-y to 61 kt, almost all of which were produced from the Company’s own Russian feed. The growth was attributed to the increase in processed volumes of Russian feed as a result of downstream reconfiguration and processing of accumulated work-in-progress inventories.

In 2018, output at Nkomati (50% - owned by Norilsk Nickel) amounted to 7 kt of nickel (down 18% y-o-y),

（Norilsk）

• [Editor:王可]