Make Kitco Your Homepage

Norilsk Ups Palladium Production By 10%, Nickel By 6%

Kitco News

Ed Note: We are proud to unveil our new mining page, an entire space dedicated to up-to-the-minute news, with exclusive industry interviews and all the relevant information you need, rounded in up in one spot. Who is merging? Who is Buying? Who is Digging? We got you covered!

Russian base metal and PGM giant, Norilsk Nickel, increased nickel, copper and platinum group metal output, according to the company's production results that were released on Wednesday.

The first half of 2019 saw nickel production up 6% to 109,000 tonnes and copper up 9% to 251,000 tonnes compared to the same period a year ago. Palladium was at 1,553 koz and platinum 388 koz, up 10% and 16% respectively.

"In 1H19, we increased the output of all key metals delivering most notable growth in copper and PGMs," said CEO Sergey Dyachenko in a news release.

"The increase in PGMs' production was driven by the release of work-in-progress inventory at Krasnoyarsk Precious Metals Refinery and higher PGM content in processed Russian feed at Norilsk Nickel Harjavalta. The increase in copper output was due to the ramp up of Bystrinsky Project. We reiterate our metal production guidance from own Russian feed for FY2019," Dyachenko added.

While production over the past six months was up overall, nickel and copper production slowed down in the second quarter due to annual repairs at Harjavalta refinery.

Operations in South Africa were up markedly due to higher volumes of mined ore with higher metal content.

Norilsk stock is up nearly 30% over the past year on the London Stock Exchange, currently trading at $23.12.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News