Norilsk Nickel Offer for LionOre Receives Australian Foreign Investment Review Board Approval

OJSC MMC Norilsk Nickel today announced that it has received notice that Norilsk Nickel’s proposed acquisition of control of LionOre Mining International Ltd. has been approved by the Australian Federal Treasurer under the Foreign Acquisitions and Takeovers Act 1975 . The Federal Treasurer as the body responsible for the foreign investment review in Australia concluded that Norilsk Nickel’s all-cash offer to the shareholders of LionOre was not contrary to the national interest and, therefore, Norilsk Nickel’s offer is not subject to further review under the Act.

On May 23, 2007, Norilsk Nickel announced its increased all-cash offer to acquire all of the outstanding common shares of LionOre for aggregate cash consideration of approximately Cdn$6.8 billion.  The offer is open for acceptances until 8:00 p.m. (Toronto time) on Monday, June 18, 2007, unless extended or withdrawn.