Nornickel Surpasses 2024 Production Guidance Amid Strong Nickel and Copper Output

Nornickel exceeded 2024 production guidance for nickel, copper, and PGMs, with strong output and an optimistic outlook for 2025.
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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