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M&A: Norilsk Nickel sells gold mining assets in Australia to Saracen Metals Pty

Norilsk Nickel Australia Pty Ltd, a wholly-owned subsidiary of OJSC Norilsk Nickel, has entered into an agreement to sell its North Eastern Goldfields Operations in Western Australia to Saracen Metals Pty Ltd listed on the Australian Securities Exchange, according to Norilsk Nickel's press release.

The North Eastern Goldfields Operations in Western Australia include the open pit Thunderbox gold mine and processing facility and are a part of Norilsk Nickel's Australian operations earmarked for the disposal by Norilsk as it continues to implement its new strategy announced in October 2013.

Consideration payable by Saracen to Norilsk Nickel will include upfront and deferred cash components and a royalty upon the commencement of production, with a total aggregate value of up to A$40 million. In addition, Saracen will assume all environmental rehabilitation obligations related to the Assets.

The sale is subject to regulatory approvals and satisfaction of other customary closing conditions and is expected to close in the first half of 2014.

OJSC MMC Norilsk Nickel (tax number: 8401005730) is Russia's largest diversified mining and metallurgical company, the world's leading producer of nickel and palladium and one of major platinum, rhodium, copper and cobalt producer. Besides, the company produces a wide range of by-products including gold, silver, tellurium, selenium, iridium and ruthenium.

The mining and processing assets of the MMC group Norilsk Nickel are located in the Norilsk industrial area, the Kola Peninsula as well as Finland, USA, Australia, Botswana and RSA.

Norilsk Nickel's authorized capital is represented by 158,245,476 common shares at par value of 1 ruble each.

IFRS net profit of OJSC MMC Norilsk Nickel for H1 2013 decreased 2.72-fold to $545 million from $1.481 billion the year before. Revenue decreased by 6.14% to $5.565 billion from $5.929 billion, profit from operations by 14.93% to $1.795 billion from $2.11 billion, EBITDA by 7.82% to $2.299 from $2.494. EBITDA margin was 41% against 42% the year before.

According to the information and retrieval system DataCapital, RAS net profit of MMC Norilsk Nickel for January-September 2013 decreased by 7.39% to RUB 74.871 billion from RUB 80.845 billion the year before. Revenue decreased by 6.96% to RUB 205.456 billion from RUB 220.833 billion, sales profit by 14.68% to RUB 95.999 billion from RUB 112.518 billion, pre-tax profit by 12.05% to RUB 91.657 billion from RUB 104.21 billion.

"AK&M", 22.01.2014


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