https://www.miningweekly.com
Underground|Water|Maintenance
Underground|Water|Maintenance
underground|water|maintenance

Global palladium deficit to widen in 2021 - Nornickel

28th May 2021

By: Reuters

  

Font size: - +

Russian metals miner Nornickel expects the deficit in the global palladium market to widen in 2021 due to flooding at its mines and an accident at its plant earlier this year, it said on Thursday.

The world's largest palladium producer plans to partly compensate for the deficit from its stockpiles left from 2020, it said in a statement, adding that its Global Palladium Fund could also provide metal if there was a need to do so.

One of Nornickel's two underground mines, hit by a sudden inflow of water in February, has already resumed output at full capacity. The second is expected to restart in early June. Its plant, part of which collapsed during maintenance in February, will return to full capacity by October.

Nornickel currently expects a global palladium deficit at 0.9-million troy ounces in 2021, up from 0.3-million ounces in 2020. It previously expected it at 0.2-million ounces this year.

Nornickel will fulfil all its current obligations with clients this year despite the accidents, which will reduce its production, it said.

It updated its view on the nickel market, currently expecting a 2021 surplus at 52,000 tonnes compared to its previous estimate of 90 000 t. It estimates the surplus at more than 100 000 t in 2022, the world's leading producer of refined nickel said.

Edited by Reuters

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
AutoX
AutoX

We are dedicated to business excellence and innovation.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.149 0.19s - 109pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: