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29/05/2024
Mining News

Platinum and palladium lead the way for Nornickel in 9M 2023, while nickel and copper stumble

Russia’s Nornickel, the world’s largest producer of palladium and high-grade nickel and a major producer of platinum and copper, announced today that in 9M 2023, its total nickel output decreased 9% y-o-y to 145 kt, most of which were produced from own Russian feed.

In a press release, the company said that the decrease in nickel output was attributed to scheduled repairs of furnaces at the Nadezhda smelter and a grinding mill at the Talnakh concentrator in Q1 2023.

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In 9M 2023, the company’s total copper output decreased 4% y-o-y to 304 kt mainly due to production adjustments to improve the quality of copper cathodes, in order to meet new customer’s requirements.

Nornickel noted that its Trans-Baikal division (Bystrinsky project) continued to ramp up on schedule, having increased production of copper in concentrate by 2% y-o-y to 52 kt in 9M 2023.

In 9M 2023, the company’s palladium and platinum (PGM) output amounted to 2,145 koz (up 1% y-o-y) and 528 koz (up 7% y-o-y), respectively.

“The increase in PGM production volumes was attributed to processing of ore with higher PGM content from the Oktyabrsky mine, improved extraction of precious metals at the Kola refinery and processing of earlier accumulated work-in-progress inventory,” Nornickel said.

Importantly, the company reiterated its previously announced production guidance from own Russian feed for FY2023.

Nornickel is a diversified mining and metallurgical company, the world’s largest producer 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 Nornickel are located at the Norilsk industrial district, on the Kola Peninsula and in the Trans-Baikal Territory of Russia.

 

Source: Kitco

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