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Russian Nornickel announces consolidated production results for 1h 2023

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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 H1 2023, its total nickel output decreased 9% y-o-y to 91 kt, most of which were produced from own Russian feed.

The company said that the decrease in nickel output was attributed to scheduled repairs of furnaces at Nadezhda smelter and a grinding mill at Talnakh concentrator in 1Q 2023.

In H1 2023, the company’s total copper output stayed almost flat y-o-y at approximately 203 kt.

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Nornickel noted that its Trans-Baikal division (Bystrinsky project) continued to ramp up on schedule, having increased production of copper in concentrate by 4% y-o-y to 35 kt in H1 2023.

In H1 2023, the company’s palladium and platinum (PGM) output amounted to 1,482 koz (up 5% y-o-y) and 367 koz (up 15% y-o-y), respectively.

“The increase in PGM production volumes was attributed to higher PGM content in the matte produced in Norilsk division, as well as the improvement in the operational efficiency at Kola division as a result of implementation of number of initiatives,” 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 Zabaykalsky Krai in Russia.


Source: Kitco

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