A new independent global gold major (Newco) will becreated

Oleg I. Baibakov, the MMC Norilsk Nickels chief ofadministration, has been appointed asa President ofOAO CITY.

OJSC Norilsk Taimyr Energy Company (OJSC NTEC), which will bring together the existing energy assets ofRAO UES Russia and MMC Norilsk Nickel inthe Norilsk Industrial Region will beestablished inApril 2005and will start towork inJuly-August ofthis year.