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