https://www.miningweekly.com
Financial|Projects|Equipment|Operations
Financial|Projects|Equipment|Operations
financial|projects|equipment|operations

Nornickel slashes 2023 investment forecast by $1bn

Nornickel's Finland operations

Nornickel's Finland operations

2nd August 2023

By: Reuters

  

Font size: - +

MOSCOW - Russian miner Nornickel said on Wednesday it had cut its 2023 investment forecast to $3.5-billion to $3.8-billion from $4.7-billion, as it reported a 20% year-on-year drop in first-half revenue after key metals prices declined.

Nornickel is the world's largest producer of palladium and refined nickel. While it has not been directly targeted by Western sanctions over the conflict in Ukraine, it has faced problems importing equipment and transporting goods abroad.

Chief Financial Officer and Senior Vice-President Sergey Malyshev said the investment forecast cut was due to the weakening rouble and revised schedules for a number of projects.

"The unfavourable geopolitical background has created new risks for Nornickel's operations," Malyshev said.

In 2022, investment was $4.3-billion and Nornickel had planned for a similar capex level through to 2025.

Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 30% year-on-year to $3.4-billion on lower revenue of $7.2-billion in January-June.

Edited by Creamer Media Reporter

Comments

Showroom

Rittal
Rittal

Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...

VISIT SHOWROOM 
Yale Lifting Solutions
Yale Lifting Solutions

Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Mining Weekly Editor Martin Creamer
Copper shares soar and green hydrogen goes digital
26th April 2024
Magazine cover image
Magazine round up | 26 April 2024
26th April 2024

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:0.107 0.145s - 109pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: