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The Company in 2003 Anton Berlin Head of Market Analysis & Development Norilsk Nickel Group One of the global leaders in metals mining sector Employs over 80,000 Revenue over US$5 billion in 2003 Core activities: prospecting, mining, smelting and refining base and precious metals

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the company in 2003

The Company in 2003

Anton Berlin

Head of Market Analysis & Development

norilsk nickel group
Norilsk Nickel Group
  • One of the global leaders in metals mining sector
  • Employs over 80,000
  • Revenue over US$5 billion in 2003
  • Core activities: prospecting, mining, smelting and refining base and precious metals
  • Core products: Nickel, Copper, Palladium, Platinum, Gold
  • By-products: Cobalt, Silver, Rhodium, Ruthenium, Iridium, Selenium,Tellurium
global presence
Global Presence

Norilsk Nickel Europe London

KOLA DIVISION, Murmansk

Norimet Ltd. London

HEADQUARTERS Moscow

Norilsk Nickel USAPittsburg

MATROSOV MINE, Magadan

GIPRONIKEL, St-Petersburg

LENZOLOTO, Irkutsk

STILLWATER MINING COMPANY, Montana USA

Market Share

ZAO POLYUSKrasnoyarsk

POLAR DIVISION, Norilsk

GOLDFIELDS, South Africa

Norilsk NickelAsia

a global leader in metals
A Global Leader In Metals

Market Share

13%

18%

3%

Metal

>40%

14%

1.5%

market position in 2003
Market Position in 2003

10

8.9

12

10

10

7

8

6.7

6.4

8

6.5

6

4.6

5.2

5.1

4.7

6

3.6

3.5

4

3.2

3

2.9

4

1.3

2

2

0

0

KGHM

Codelco

Barrick

Rio Tinto

Rio Tinto

AngloGold

Newmont

Gold Fields

BHP Billiton

Norilsk Nickel

Grupo Mexico

Placer Dome

Phelps Dodge

Norilsk Nickel

Harmony Gold

Norddeutsche Aff

Largest Nickel Producers

(% share of world production)

Largest Palladium Producers

(% share of world production)

Largest Platinum Producers

(% share of world production)

Largest Gold Producers

(in millions of ounces, proforma for NN)

Largest Copper Producers

(% share of world production)

(*) Based upon estimates by \HSBC

marketing policy
Marketing policy
  • Consumer-oriented sales policy
  • Wide range of services to each and every client
  • Priority to long-term relationships
  • Flexibility in commercial terms
norilsk stillwater deal
Norilsk-Stillwater Deal
  • On June 23, 2003, Norilsk Nickel completed the investment in the Stillwater Mining Company of Montana
  • Norilsk Nickel paid Stillwater US$132 million in cash and 877 thousand ounces of palladium metal for those shares
norilsk winnings
Norilsk Winnings
  • Demonstration to the world market that we believe the misfortunes of palladium to be a temporary event
  • Restore confidence in the palladium market
  • A high-grade asset
stillwater winnings
Stillwater Winnings
  • Financial debt resolved
  • Additional metals to supply to US consumers
  • Independent directors on behalf of Norilsk
  • Norilsk Nickel and Stillwater remain independent producers and world competitors in the mining and marketing of metals
stillwater winnings10
Stillwater Winnings

Norilsk Nickel completes the investment in Stillwater Mining

palladium supply fundamentals
Palladium Supply Fundamentals
  • Primary supply
    • South African expansions
    • Developments elsewhere
  • Secondary supply
    • Recoveries from converters installed in early 90s will peak in 2007
palladium demand fundamentals
Palladium Demand Fundamentals
  • Automotive sector
    • Stockpile depletion
    • Diesel technology developments
  • Jewellery
    • White gold
    • Palladium jewellery
  • Electronics
    • Stockpile depletion
  • Hydrogen Economy
palladium market development
Palladium Market Development
  • On November 10, 2003 Norilsk Nickel signed an agreement on hydrogen economy development with the Russian Academy of Science - a National body for fundamental and application research uniting hundreds of institutes and research centers.
  • The program is set to continue for at least 3 years with financing up to US$40 million per annum
the markets in 2003

The Markets in 2003

Denis Lepetukha

Managing Director

demand in 2003
Demand in 2003
  • Automotive/Electronics demand matches usage
  • Jewellery increased
  • Dental/Chemical stable
supply in 2003
Supply in 2003
  • More coming out of SA
  • Increased recoveries from secondary material
pgm prices
PGM Prices

Platinum & Palladium Price (LPPM)(in USD per ounce)

Platinum/Palladium Price Ratio

3-year average

palladium sales in 2003
Palladium Sales in 2003

America

Europe

Palladium

Production

Palladium

Sales

Asia

  • In 2003 we sold all the metal produced
  • Achieved sales price without discount to the annual average