MMC Norilsk Nickel is a diversified mining and metallurgical company, one of the world's largest producers of palladium and high-grade nickel, and a major producer of platinum and copper. The company also produces cobalt, rhodium, silver, gold, iridium, ruthenium, selenium, tellurium and other products. The main production units of Norilsk Nickel Group are located in the Krai industrial zone of the Kola Peninsula and Zabaykalsky Territory.
On January 29, NORILSK NICKEL GROUP (Nornickel) released a report for the fourth quarter of 2023, with a total production of 62,845 metal tons of nickel, an increase of 15.51% quarter-on-quarter and 5.21% year-on-year. Among them, its own raw materials produced 62,650 tons of metal.
The increase in nickel production during the quarter was due to ore production returning to planned production and the Kola segment processing more high-grade sulfur supplied by the Polar segment.
In 2023, the Company's nickel metal production decreased by 5% year-on-year to 209,000 tons, due to a reduction in mined ore volumes due to the testing of mining machinery by new suppliers and the replacement of existing equipment. Among them, the production of nickel from its own raw materials is 208,000 metal tons, which is in line with the production guidance range of 204-214,000 metal tons.
"In 2024, we expect the risk of adverse geopolitical situations to continue to affect our operations," said Sergey Stepanov, senior Vice President and Director of Operations at Nornickel. The company expects nickel metal production in 2024 to decline again to 184-194,000 tons, a year-on-year decline of 7% to 12%.
Future outlook
In line with its distribution diversification strategy, Nornickel produces and supplies high-quality nickel for the electroplating industry, which will help it diversify its sales to new markets.
