Norilsk Nickel want to sale Stillwater Mining

Norilsk Nickel, through Norimet Limited, 100% subsidiary of the Company, acquired an interest in Stillwater Mining Company in June 2003 for approximately $100 million in cash and approximately 877,000 ounces of palladium (for an aggregate value of approximately $257 million as of June 20, 2003), with the intent of developing a market strategy in North America.

The decision by Norilsk Nickel to dispose of its holdings in Stillwater Mining Company represents the culmination of a strategic review undertaken by the Board of Directors of Norilsk Nickel as part of a wider review of Norilsk Nickel’s international asset portfolio. The transactions disclosed in the Announcement are consistent with Norilsk Nickel’s stated strategy to rationalise its international business operations and focus on its core operations in order to strengthen its leadership position in the global mining and metals industry.

Norilsk Nickel’s General Director and Chairman of the Management Board, Mr. Vladimir Strzhalkovsky, commented, «the sales of our holdings in Stillwater Mining Company represent an important milestone in the fulfillment of our strategic objectives. The original investment in Stillwater Mining Company achieved an important strategic goal, and once the sales are completed, this investment will have generated considerable value for our shareholders.»

The sales of shares are expected to be completed on or about 7 December, subject to market conditions.