Russia’s Nornickel, the world’s largest producer of palladium and high-grade nickel, said it set a budget for its operations today with capital expenditures set to rise 10%.
Russian companies have been sanctioned due to the Russia-Ukraine war.
"To respond to new challenges mostly arising out of voluntary refusal of our foreign partners to cooperate with the company, Nornickel has developed and is now implementing a set of measures to support its operations and achieve production and investment targets," wrote the company.
The company said key projects include its sulphur programme 2.0, mining projects, projects to maintain the infrastructure of fuel and energy assets in the Norilsk Industrial District, replace equipment and carry out capitalised repairs, as well as social projects.
"Next year, the company will pass the peak of the investment cycle. Thus, CAPEX is expected to rise 10% year-on-year to USD 4.7 bn," wrote the company.
