Nornickel forecasts 2024 nickel output drop after 5% fall in 2023
MOSCOW - Russian metals producer Nornickel on Monday said it expected another drop in nickel output in 2024, following on from a 5% fall last year, as geopolitical risks continue to affect the company's operations.
CEO Vladimir Potanin said last year that sanctions had constrained Nornickel's development, though Western governments have refrained from targeting Nornickel directly in response to the conflict in Ukraine.
Nornickel, the world's largest palladium producer and a major producer of refined nickel, said its nickel production fell to 209 000 metric tons last year. In 2024, the company said it expects nickel output at 184 000 to 194 000 tons.
Palladium output dropped by 4% in 2023 to 2 692 koz, Nornickel said. This year, palladium output is seen at 2 296 to 2 451 koz, Nornickel said.
The company had expected output for both metals to drop in 2023, but palladium output came in above forecast.
"In 2024, we expect that risks related to an adverse geopolitical situation will continue to impact our operations," Nornickel's Senior Vice-President and Operational Director, Sergey Stepanov said in a statement. "Furthermore, this year we are planning capital repairs of the flash smelting furnace #2 at Nadezhda Metallurgical Plant."
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation