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Nornickel |
Russian Mining Giant Achieves Higher-Than-Expected Metal Production
Nornickel, Russia’s leading multimetals mining group, exceeded its 2024 production guidance for nickel, copper, and PGMs. The early completion of planned capital repairs at its No. 2 flash smelting furnace at the Nadezhda metallurgical plant drove a 25% increase in smelting capacity. The repairs were completed in 60 days, ahead of the scheduled 90-day timeline.
Nickel and Copper Output Exceed Expectations
Nornickel produced 205,000 metric tons of finished nickel, surpassing its guidance of 196,000-204,000 metric tons, despite a 2% year-on-year decline. The company’s Q4 nickel production fell by 6.34% compared to 2023, but strategic sales in China’s electroplating sector and high-grade matte production at its Kola Division supported stronger-than-expected results.
The company also increased its high-quality copper cathode output, producing 433,000 metric tons in 2024, significantly above its 337,000-357,000 metric ton guidance. The share of high-purity copper in its product mix jumped from 10% in 2023 to 84% in 2024.
PGM Production and 2025 Outlook
Nornickel’s palladium production rose by 3% to 2.762 million ounces, exceeding its revised forecast of 2.624-2.724 million ounces. Platinum production increased slightly to 667,000 ounces, surpassing expectations. However, Q4 palladium and platinum output declined by 10% and 11%, respectively, due to maintenance downtime.
For 2025, Nornickel set its production guidance at 204,000-211,000 metric tons of nickel, 353,000-373,000 metric tons of copper, 2.704-2.756 million ounces of palladium, and 662,000-675,000 ounces of platinum.
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