OREANDA-NEWS. Open Joint Stock Company Mining and Metallurgical Company Norilsk Nickel and its subsidiaries issued consolidated interim financial statements for the six months ended June 30, 2007 in compliance with International Financial Reporting Standards (IFRS), the press-service of the company reported. The financial statements have been reviewed in accordance with International Standard on Review Engagements 2410 by Deloitte & Touche, who have issued a review report without any qualifications.

The individual financial statements of each subsidiary are presented in its own functional currency. It was determined that the Russian Rouble is the functional currency of the Company and all foreign subsidiaries of the Group, except for Stillwater Mining Company, LionOre Mining International Limited, Norilsk Nickel Harjavalta Oy, Norilsk Nickel Finland Oy, Norilsk Nickel Cawse Proprietary Limited and MPI Nickel Proprietary Limited. Those companies use the functional currencies of the economies in which they operate - US Dollar, Australian Dollar, Botswana Pula and South African Rand.

The presentation currency of the consolidated interim financial statements is the United States of America Dollar (USD). Using USD as a presentation currency is a common practice for global mining companies; in addition, USD is a more relevant presentation currency for international users of the consolidated interim financial statements of the Group.