OREANDA-NEWS. June 15, 2011. Court of arbitration of Krasnoyarsk Territory dismissed the claim of UC Rusal Investment Management LLC against OJSC MMC Norilsk Nickel and Corbiere Holdings Ltd. as the plaintiff abandoned the claim.

The proceedings No. А33-267/2011 following the claim of UC Rusal Investment Management LLC were initiated on 04.03.2011. The claim included the following:
- to invalidate the public offer of Corbiere Holdings Limited to acquire ordinary registered shares of OJSC MMC Norilsk Nickel or American Depositary Receipts certifying the rights to such shares in the amount of no more than 11,904,000 ordinary shares of OJSC MMC Norilsk Nickel (including ordinary shares and American Depositary Receipts in any combination) at the price of USD252 per an ordinary share (equivalent in Rubles) or USD25.20 per an American Depositary Receipt;
- to oblige OJSC MMC Norilsk Nickel to eliminate the admitted infringement by issuing instructions to subsidiary company - Corbiere Holdings Limited to withdraw the public offer to acquire ordinary registered shares of OJSC MMC Norilsk Nickel or American Depositary Receipts certifying the rights to such shares in the amount of no more than 11,904,000 ordinary shares of OJSC MMC Norilsk Nickel (including ordinary shares and American Depositary Receipts in any combination) at the price of USD252 per an ordinary share (equivalent to that amount in Rubles) or USD25.20 per an American Depositary Receipt.

This is the second claim, abandoned by UC Rusal during this week. The day before UC Rusal abandons the claim to declare invalid conversion of MMC Norilsk Nickel shares into ADR and transaction with Trafigura.
Abandoning the claims confirms once again that claims of UC Rusal in attempt to challenge the resolutions of the Company’s governing bodies are groundless. The unsubstantiated character of Rusal’s complaints is confirmed by the results of other action proceedings, when the claims were constantly dismissed by the court.
MMC Norilsk Nickel intends to continue defending its interests in court in strict coherence with current laws.

ABOUT MMC NORILSK NICKEL:

MMC Norilsk Nickel, a company incorporated under the laws of the Russian Federation, is the largest diversified mining and metals company in Russia, the world's largest producer of nickel and palladium and one of the world's largest producers of platinum, rhodium, copper and cobalt. In addition to this, MMC Norilsk Nickel produces a large number of other by-products, including gold, silver, tellurium, selenium, iridium and ruthenium.

The key production units of the Company’s group in Russia are at the Polar and Kola Peninsulas. MMC Norilsk Nickel international assets include operations in Finland, Australia, Botswana and South Africa.