Make Kitco Your Homepage

Russian mining giant Nornickel increases production of nickel, copper and PGMs in 2022

Kitco News

Welcome to Kitco News' 2023 Outlook Series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023.

(Kitco News) - Russia’s Norilsk Nickel (Nornickel), the world’s largest producer of palladium and high-grade nickel and a major producer of platinum and copper, reported today that in 2022, the company fully met its production guidance.

In a press release, the company said that the output of all key metals increased, with copper and platinum in line with the guidance, while nickel and palladium beating it.

In 2022, the company’s consolidated nickel output increased 13% year-on-year (y-o-y) to 219 kt, almost all of which were produced from own Russian feed (218.7 kt, +15% y-o-y).

In 2022, copper output from the company’s own Russian feed (excluding Trans-Baikal Division) amounted to 366 kt, in line with 365-385 kt production guidance range.

In 2022, palladium and platinum were produced only from the company’s own Russian feed and amounted to 2,790 koz (+7% y-o-y) and 651 koz (+2% y-o-y), respectively.

The company explained that the increase in production of nickel, copper and PGMs was attributed to the low base of previous year as a result of temporary suspension of Oktyabrsky and Taimyrsky underground mines and Norilsk Concentrator of the Norilsk Division.

Excluding Trans-Baikal Division, in 2023 Nornickel expects production of 204 – 214 kt nickel, 353 – 373 kt copper, 2,407 – 2,562 koz palladium, and 604 – 643 koz platinum.

Norilsk Nickel is a diversified mining and metallurgical company, the world’s largest producer of palladium and high-grade nickel and a major producer of platinum and copper. The company also produces cobalt, rhodium, silver, gold, iridium, ruthenium, selenium, tellurium and other products.

Discovery says Cordero PFS delivered 'excellent' project economics with after-tax NPV of $1.2B

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.