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At the open tender held on September 17, 2003, OOO “Prospekt”, representing MMC “Norilsk Nickel” (“Norilsk Nickel”), acquired a controlling stake of 44.9% (58.55% of voting shares) in OAO “Lenzoloto”. The total consideration for the stake was RUR 4,665 million. The starting price was RUR 1,065 million.
Maxim Finsky, Deputy Chairman of the Management Board of Norilsk Nickel said, that Norilsk Nickel has not only won in an open tender for the shares but also acquired an outstanding asset, and as a result, with the total annual production of 40 tons of gold, Norilsk Nickel becomes one of the 10 largest gold producers in the world. Together with the acquisition of OAO “Lenzoloto” we got the “key” to the largest gold deposit Sukhoy Log. Mr. Finsky added that Norilsk Nickel has won in the tender competing versus highly respected representatives of RUSAL and SUAL groups.
Mr. Finsky emphasized the point, that the acquisition of OAO “Lenzoloto”, will allow Norilsk Nickel, if it wins the tender to develop Sukhoi Log, to save around USD 300 million in investments due to the existing developed infrastructure in place.
Additional information
Acting in accordance with approved diversification strategy targeted at strengthening of Norilsk Nickel position in base and precious metals markets, last year Norilsk Nickel acquired 100% stake in ZAO “Polyus”, the largest gold producer in Russia. ZAO “Polyus” operates an open-pit mine at Olimpiadinskoye deposit in Krasnoyarsk region. In the first half of 2003 ZAO “Polyus” produced 13.1 tons of gold, what is slightly above first half of 2002 production figures. In 2003 ZAO “Polyus” can increase its production up to 26 tons.
Apart from that on August 6, 2003, in the open tender “Euroasian Investment Pool”, representing MMC “Norilsk Nickel”, acquired a controlling stake of 38% (50.7% of voting shares) in OAO “Matrosov Mine”.
Earlier this year Norilsk Nickel acquired in the open tender from administration of Irkutsk region 5.6% stake (7.32% of voting shares) in OAO “Lenzoloto”. | 
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