OREANDA-NEWS. OJSC Mining and Metallurgical Company Norilsk Nickel (“Norilsk Nickel”) is pleased to announce that it has received necessary regulatory clearances for the transaction with OM Group, Inc. (“OMG”) to acquire its nickel business (the “Nickel Business”). Receipt of these approvals concludes an important step towards closing the transaction which is expected on March 1, 2007.

According to the press service of MMC Norilsk Nickel, on February 6, 2007 the European Commission cleared the proposed transaction under the EU Merger Regulation. In addition, Norilsk Nickel obtained approvals from the Australian Government under Australia's foreign investment laws as well as from the Ministry of Commerce of the People’s Republic of China.

Norilsk Nickel will acquire the Nickel Business for $408 million in cash, which will include the following assets:

• Harjavalta Nickel refining operations in Harjavalta, Finland
• Cawse nickel mining and processing operations in Western Australia
• A 20% stake in MPI Nickel Pty. Ltd. (“MPI”), which operates the Black Swan and Silver Swan nickel mines in Western Australia and is developing the Honeymoon Well project
• Up to an 11.1% holding through common shares and convertible debt in Talvivaaran Kaivososakeyhtiц, a biological heap-leaching project in the Kainuu Region in Finland.

With this acquisition, Norilsk Nickel will further extend its operations internationally to Australia and Finland, and will strengthen its position in the global mining and metals industry. The company will increase refined nickel production capacity by up to 60,000 metric tons per annum, equivalent to an additional 35,000-40,000 tons per annum of refined nickel products excluding nickel produced under current tolling arrangements.

The company is excited about gaining access to best in class operational skills and laterite HPAL leaching technology, as well as extending its product line to include nickel salts and briquettes.