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Norilsk Nickel MMC

March 19, 2004

Work on MMC Norilsk Nickel’s non-core industrial assets to become a separate and independent aspect of the company’s business

Work on MMC Norilsk Nickel’s main non-core industrial assets is to be defined as an independent aspect of the company’s business. This new area of work will be overseen by Johnson Khagazheev, formerly responsible for the company’s strategy for the development of production as a member of MMC Norilsk Nickel’s Management Board.

Mr. Khagazheev had made a proposal to the company’s Management Board to set up a separate, independent department to deal with the company’s non-core industrial assets, which he also offered to head, in order to ensure the stable work of all the enterprises that make up the Norilsk Nickel group.

“The strategy for the development of the company’s main operations is clear. At the present time, the scale of the tasks that face us with regard to increasing the company’s efficiency means that it is essential that we engage more seriously with our non-core and problematic industrial assets”, says Mr. Khagazheev. “In the very near future, we will be beginning implementing the measures envisaged by the company’s plan for industrial and technical development to the year 2015 at a high technological level and with the maximum involvement of our specialists”.

In accordance with his new duties, Johnson Khagazheev has been named as Vice President of MMC Norilsk Nickel.

Additional Information

Johnson Khagazheev was born on January 27, 1940, in the Soviet Republic of Kabardino-Balkaria. In 1961 he graduated from the Northern Caucasus Mining and Metallurgical Institute in the city of Vladikavkaz as an engineer / metallurgist, and in the same year was taken on by the Norilsk Mining and Metallurgical Combine’s copper plant. Mr. Khagazheev continued working for the Combine until 1986, by which time he had worked his way from being a smelter to becoming director of the Nadezhda Metallurgical Plant.

From 1986 to 1991, Mr. Khagazheev worked at the largest copper production plant in the Soviet Union, the Balkhash Mining and Metallurgical Combine in Kazakhstan. From 1992 to 1996 he worked for the Kontrakt – Impex company. In July 1996 he became First Deputy General Director of Norilsk Nickel, and in March 1997 the Norilsk Combine’s Board of Directors named him as its General Director. From 1998 to 2001 he was General Director of the Norilsk Mining Company, and from January 2000 he was First Deputy General Director of Norilsk Nickel. In 2001he became General Director of MMC Norilsk Nickel and General Director of the Norilsk Nickel Joint Stock Company. Since July 2001 he has been First Deputy Chairman of MMC Norilsk Nickel’s Management Board.

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