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28

Norilsk Nickel Revenues Increased

Russian metals producing giant Norilsk Nickel's shareholders hold a meeting on July 30

Russian metals producing giant Norilsk Nickel?s shareholders hold a meeting on July 30, in the course of which the annual reports were approved and he Supervisory Council was elected.

According to the reports, the 2004 revenues from metal sales increased by 35% compared with 2003 to a total of $7 033 million, due to the rise of average annual selling prices for all metals sold by the company.

Also the increase was caused by consolidation of financial results of Stillwater Mining Company and gold companies Lenzoloto and Matrosov Mine for 9 months from the date of acquisition, and Stillwater?s sales of an additional 375 000 ounces of palladium from stock, that was received from MMC Norilsk Nickel as part of the purchase consideration for Stillwater Mining Company (?Stillwater?, ?SWC?) shares (in total Stillwater received 877 000 ounces of palladium).