Russia’s Nornickel, one of the world’s largest nickel producers and the leading global producer of palladium, on Monday lowered its 2025 nickel production forecast to 196,000-204,000 metric tons.
The previous guidance had been 204,000-211,000 tons. The company also revised its palladium output forecast downward, now expecting between 2.677 and 2.729 million ounces compared to 2.704-2.756 million ounces.
“A series of major repairs is scheduled for the second half of the year to improve the reliability of the main technological equipment, and adaptation to the operation of new import-substituting mining equipment will continue,” Nornickel’s senior vice-president Alexander Popov said in a statement.
“As a result, we are slightly lowering the nickel and copper production forecast for 2025 and keeping the platinum group metals production forecast practically unchanged, relative to what was previously published.”
Copper output is now forecast at 343,000-355,000 tons, compared with 353,000-373,000 previously.
Nornickel also published its second-quarter operational results. Nickel production stood at 45,000 metric tons, up 9% year-on-year, while palladium output reached 658,000 ounces, down 11% year-on-year.
(By Anastasia Lyrchikova, Maxim Rodionov and Gleb Bryanski; Editing by Mark Trevelyan)
