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29

Norilsk To Spin Off Gold Assets

Norilsk's gold production in 2004 totaled 1,1 million troy ounces

Russian metal giant and the world's number one nickel producer Norilsk Nickel announced that its BOD had made a unanimous decision to call an extraordinary general meeting of Norilsk shareholders on September 30 to vote on the spin off of the group?s gold mining assets.

The proposed spin off would see all of the group?s shares in Polyus, together with a cash contribution of the amount of 10 billion rubles, going to a newly formed entity called Polyus Gold and the issuance of shares in Polyus Gold to Norilsk shareholders on a proportional basis.
Norilsk has a 20,03% stake in SA?s third largest gold miner Gold Fields.

Polyus is a wholly owned subsidiary of Norilsk and is the largest gold producer in Russia.

Norilsk's gold production in 2004 totaled 1,1 million troy ounces.