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17.12.2012

EXIAR to support MMC Norilsk Nickel’s export projects

The Russian Agency for Export Credit and Investment Insurance (EXIAR) and MMC Norilsk Nickel have signed a Memorandum of Cooperation.

The document was signed by Peter Fradkov, CEO of EXIAR, and Vladimir Strzhalkovsky, General Director and Chairman of the Board of MMC Norilsk Nickel.

The implementation of the Memorandum will help to establish a partnership between the two parties, as well as to develop long-term, effective, and mutually beneficial cooperation, with EXIAR providing insurance support to MMC Norilsk Nickel’s copper smelter construction project in the Republic of Indonesia. EXIAR’s role will be to insure export credits and investments in Indonesia against commercial and political risks.

This project involves the construction of a copper smelter complex with a production capacity of up to 400,000 tonnes of copper per year in the Republic of Indonesia. MMC Norilsk Nickel, aided by the expertise of Gipronickel Institute, is currently preparing a pre-feasibility study.

MMC Norilsk Nickel is a diversified mining and metallurgical company. It is the world’s largest producer of nickel and palladium, and a leading producer of platinum, cobalt, copper, and rhodium. The company also produces gold, silver, iridium, selenium, ruthenium, and tellurium.

Subdivisions of MMC Norilsk Nickel are located in the Norilsk Industrial Region and the Taymyr Peninsula in Russia, as well as in Finland, Australia, Botswana, and South Africa.

In Russia, shares of MMC Norilsk Nickel are traded on MICEX-RTS. ADRs on the company’s shares are traded on the OTC market in the US, as well as on the London and Berlin stock exchanges.

The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in October 2011. EXIAR’s mission is to support Russian high-tech exports by insuring export credits against commercial and political risks, as well as Russian investments abroad against political risks. EXIAR’s sole shareholder is Vnesheconombank. The Agency’s charter capital is RUB 30 billion (approx. USD 1 billion).