Key Developments: GMK Noril'skiy nikel' OAO (GMKN.MM)

GMKN.MM on Moscow Interbank Currency Exchange

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Latest Key Developments (Source: Significant Developments)

GMK Noril'skiy nikel' OAO board of directors approves sale of assets in Africa-Interfax
Monday, 13 Oct 2014 02:05am EDT 

GMK Noril'skiy nikel' OAO:The board of directors of Norilsk Nickel approved the sale of the company's assets in Africa, Tati Nickel Mining Company and Norilsk Nickel Africa, at a meeting on Oct. 10, the company said in a statement-Interfax.It received the African assets in 2007 as part of the deal to buy LionOre.The African assets include 85 percent of Tati Nickel in Botswana and 50 percent of nickel miner Nkomati, a joint venture with African Rainbow Minerals.The company also owns 6 percent of the BCL smelter, which processes concentrate for Tati and holds licenses to a number of copper fields.According to a number of unconfirmed statements, the company's stake in BCL was sold for $30 million.Preemptive right to buy Norilsk Nickel's stake in Nkomati is held by ARM.Norilsk Nickel put all of its foreign assets up for sale in 2013 as part of a new strategy, which places an emphasis on the polar production site.The company previously signed contracts to sell all its production assets in Australia.Norilsk Nickel is planning to complete the sale of its non-core and foreign assets by 2016.This will bring the company $1 billion, which will be paid to shareholders as special dividends.  Full Article

S&P adjusts ratings on GMK Noril'skiy nikel' OAO as criteria change-Interfax
Wednesday, 1 Oct 2014 04:35am EDT 

GMK Noril'skiy nikel' OAO:Ratings agency Standard & Poof's has revised its national scale ratings on a number of Russian banks and insurance companies, as the agency changed its own national scale criteria for evaluating companies-Interfax.These rating actions do not reflect any other change in the fundamental credit quality of the issuers or issues, he ratings agency said in a press release.The global scale ratings on these issuers and issues are not affected by those rating actions.Standard & Poof's raised the national rating of GMK Noril'skiy nikel' OAO and Novatek OAO to ruAAA from ruAA+.  Full Article

GMK Noril'skiy nikel' OAO sells Lake Johnston Nickel project in Australia to Poseidon Nickel Ltd
Tuesday, 2 Sep 2014 11:55pm EDT 

GMK Noril'skiy nikel' OAO:Says that through its Australian subsidiaries, Lake Johnston Pty Ltd and Lake Johnston Operations Pty Ltd, it has entered into an agreement to sell its Lake Johnston Nickel Project (Project) located in Western Australia to Poseidon Nickel Ltd (Poseidon).The Project encompasses the Maggie Hays and Emily Ann underground mines and associated infrastructure.The Project has been on care and maintenance since April 2013.The sale is expected to close in the second half of 2014.Citigroup has acted as Norilsk Nickel's financial advisor on the divestment of its portfolio of Australian assets.  Full Article

GMK Noril'skiy nikel' OAO in talks to sell Lake Johnston, Africa assets-Interfax
Thursday, 28 Aug 2014 09:30am EDT 

GMK Noril'skiy nikel' OAO:Norilsk Nickel is in talks to sell the Lake Johnston facility in Australia, which has been idle since the spring of 2013, and a deal may be closed in the second half of the year, CFO Sergei Malyshev said-Interfax.Norilsk continues talks on sale of two assets in Africa, Nkomati and Tati, which no longer fit into the company's strategy.  Full Article

Fitch upgrades GMK Noril'skiy nikel' OAO to BBB-, outlook stable
Tuesday, 22 Jul 2014 08:31am EDT 

GMK Noril'skiy nikel' OAO:Fitch Ratings (Fitch) has upgraded Russia-based GMK Noril'skiy nikel' OAO (NN) long-term Issuer Default Rating (IDR) to BBB- from BB+.The outlook is stable.The upgrade reflects a positive track record of improvement in specific corporate governance factors, which were the reason for a three-notch reduction of NN's IDR from its standalone ratings.  Full Article

GMK Noril'skiy nikel' OAO disposes of Black Swan / Silver Swan assets
Sunday, 6 Jul 2014 08:00pm EDT 

GMK Noril'skiy nikel' OAO:Announces that through its Australian subsidiaries, MPI Nickel Pty Ltd. and Black Swan Nickel Pty Ltd., it has entered into an agreement to sell its Black Swan / Silver Swan assets (Project) located in Western Australia and currently under care and maintenance to Poseidon Nickel Limited (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 Feb. 2009.The sale is expected to close in the second half of 2014.Citigroup continues to act as Norilsk Nickel’s exclusive financial advisor on the divestment of its portfolio of Australian nickel assets.  Full Article

GMK Noril'skiy nikel' OAO approves FY 2013 dividend payment
Monday, 9 Jun 2014 01:52am EDT 

GMK Noril'skiy nikel' OAO:Approved dividend payment of 248.48 Russian rubles a share for the fiscal year 2013.The record date is June 17.  Full Article

GMK Noril'skiy nikel' OAO disposes of Avalon and Cawse nickel assets in Australia
Tuesday, 20 May 2014 08:00pm EDT 

GMK Noril'skiy nikel' OAO:Says that through its Australian subsidiaries, Norilsk Nickel Avalon Pty Ltd and Norilsk Nickel Cawse Pty Ltd, it has entered into definitive agreements to sell its Avalon and Cawse nickel assets currently held in care and maintenance in Western Australia to Wingstar Investments Pty Ltd (Wingstar).Under the terms of the agreements, Wingstar, will assume all environmental rehabilitation obligations related to the Assets.The Assets encompass the Avalon (formerly Bulong) nickel laterite deposit and processing plant, the Cawse open pit mine and processing plant, and associated infrastructure.Avalon and Cawse were put on care & maintenance in 2003 and 2008, respectively.The sale is expected to close in the second half of 2014.Citigroup continues to act as Norilsk’s exclusive financial advisor on the divestment of its portfolio of Australian nickel assets.  Full Article

FAS allows GMK Noril'skiy nikel' OAO to consolidate Noril'skgazprom OAO-Interfax
Tuesday, 20 May 2014 01:06am EDT 

GMK Noril'skiy nikel' OAO:The Federal Anti-monopoly Service of Russia (FAS) has approved GMK Noril'skiy nikel' OAO's motion to acquire 43.8 percent shares in Noril'skgazprom OAO, FAS statement says-Interfax.As a result, GMK Noril'skiy nikel' OAO will own 100 percent in Noril'skgazprom OAO.According to SPARK-Interfax database GMK Noril'skiy nikel' OAO holds 56.17 percent in Noril'skgazprom OAO, and Gazprom 38 percent.  Full Article

GMK Noril'skiy nikel' OAO agrees sale of Avalon project in Australia-Interfax
Monday, 19 May 2014 03:26am EDT 

GMK Noril'skiy nikel' OAO:GMK Noril'skiy nikel' OAO (Norilsk Nickel) has concluded a deal to sell the Avalon nickel project in Australia, First Deputy CEO and Executive Director Pavel Fedorov told journalists-Interfax.Norilsk Nickel is selling its assets in Australia, Botswana and South Africa because they do not meet the company's profitability standards or fit with its strategy of focusing on the production facilities at Norilsk.  Full Article

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