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M&A: Norilsk Nickel sells Australian assets to Poseidon Nickel

OJSC MMC Norilsk Nickel has entered into an agreement to sell its Black Swan / Silver Swan assets located in Western Australia and currently under care and maintenance to Poseidon Nickel Limited, according to Norilsk Nickel's press release.

The transaction value has not been disclosed. As a result of this transaction, Norilsk Nickel expects to realize a material gain, primarily through the release of environmental obligations which will be fully assumed by Poseidon.

The project encompasses the Black Swan open pit mine, the Silver Swan underground mine, a processing plant and associated infrastructure. The Project was put on care and maintenance in February 2009.

"Adding to our previous disposals in Australia, the sale of Black Swan / Silver Swan marks another step forward in the implementation of our strategy focusing on Tier-1 mining assets. In addition to cash proceeds, we will realize significant value from the transfer of associated environmental obligations to the new buyer", Pavel Fedorov, Norilsk Nickel First Deputy CEO commented.

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

Poseidon is a nickel sulphide exploration and development company which is currently focused on bringing its Mt Windarra project in Western Australia to production and intends to re-start part of the operations in the near future.

Citigroup continues to act as Norilsk Nickel's exclusive financial advisor on this divestment.

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 Norilsk Nickel group are located in the Norilsk industrial area, the Kola Peninsula as well as Finland, USA, Australia, Botswana, and RSA.

According to the DataCapital information retrieval system, IFRS net profit of MMC Norilsk Nickel for 2013 dropped 2.8 times to $765 million from $2.143 billion for 2012. Revenue decreased by 7.09% to $11.489 billion from $12.366 billion, GP by 16.27% to $4.993 billion from $5.963 billion, EBITDA by 14.9% to $4.198 billion from $4.932 billion, EBITDA margin to 37% from 40%.

According to the DataCapital information retrieval system, RAS net profit of MMC Norilsk Nickel for Q1 2014 dropped by 21.07% to RUB 11.664 billion from RUB 14.778 billion the year before. Revenue decreased by 5.97% to RUB 63.289 billion from RUB 67.306 billion, sales profit by 2.83% to RUB 31.82 billion from RUB 32.748 billion, pre-tax profit by 20.6% RUB 15.397 billion from RUB 20.977 billion.

AK&M "M&A Market"

"AK&M", 07.07.2014 15:52


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