Nornickel Q1 nickel output up, palladium down
Russian metals producer Nornickel said on Monday its first-quarter nickel production rose year-on-year due to the recovery of its two mines after flooding in 2021, while palladium output fell due to a high base effect.
Nornickel, the world's largest palladium producer and a leading nickel producer, kept its previous output forecast for 2022 unchanged despite difficulties posed by the Western sanctions on Moscow. Nornickel has not been targeted by the sanctions.
"In spite of certain challenges in logistics and deliveries of equipment, spares and consumables, due to the geopolitical situation, our operations remain uninterrupted," Sergey Stepanov, Nornickel COO, said in a statement.
"Currently, we are using new logistical arrangements and exploring opportunities with alternative suppliers," he added.
The company's January-March nickel production rose by 10% to 51 534 t, while copper output was stable at 91 414 t.
Output of platinum group metals was lower, with production of palladium down 8% to 706 000 troy ounces and of platinum 12% lower at 163 000 oz. In the first quarter of 2021, Nornickel processed a large amount of work-in-progress PGM material.
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