...Corporate Conflict Resolved: The agreement between OJSC MMC Norilsk Nickel's (NN) main shareholders, Rusal and Interros, is set to improve the corporate governance and transparency of NN, to increase profitability and shareholder value, and to settle all disagreements between Interros and Rusal in relation to the company. After a visible improvement in corporate governance, Fitch Ratings decided to narrow the notching of NN's IDR to two notches from three, which resulted in an uplift to `BBB-' in July 2014. Focus on Delivery: Under its new strategy outlook presented in May 2014, the company will focus on the development of Tier 1 assets that should meet the following criteria: to be large scale, ie more than USD1bn revenue; high margin, ie an EBITDA margin of more than 40%; and to have a reserve life of more than 20 years. International and non-core assets that do not meet Tier 1 criteria will be divested. Capital allocation discipline has also been mentioned as a pillar of the new strategy....
