Nornickel, the world’s largest producer of palladium and high-grade nickel and a major producer of platinum and copper, announced preliminary consolidated operating results for the second quarter and the first half of 2021 and production outlook for the full year 2021. In a press release distributed today, the Company reiterated the metal production forecast for 2021 announced earlier.
In 2Q21, palladium and platinum output decreased 28% q-o-q to 548 koz and 27% q-o-q to 134 koz, respectively. All PGMs were produced from the Company’s own Russian feed.
In 1H2021, palladium and platinum output amounted to 1,314 koz (up 3% y-o-y) and 318 koz (down 1% y-o-y), respectively. The increase of palladium and slight decrease of platinum output in the first half, despite a significant loss of production in the second quarter, was explained by the high base effect of the first quarter, when a new line for production of precious metals from chlorine leaching residues at Kola MMC was ramped up to its design capacity and, as a result, the work-in-progress in transit inventory reduced.
The decline of PGM and other metals output in the second quarter was attributed to the temporary suspension of Oktyabrsky and Taimyrsky underground mines of the Norilsk division due to the natural groundwater inflow and an accident at Norilsk Concentrator. Currently, recovery of these assets is progressing by and large in line with the schedule.
In 2Q21, consolidated nickel output decreased 30% quarter-on-quarter (q-o-q) to 33 kt, most of which were produced from the Company’s own Russian feed (31 kt, down 31% q-o-q). In 1H2021, total nickel output decreased 26% year-on-year (y-o-y) to 79 kt (of which 77 kt were produced from own Russian feed, down 28% y-o-y).
In 2Q21, consolidated copper production decreased 11% q-o-q to 81 kt. In 1H2021, total copper output decreased 28% y-o-y to 173 kt. All of the copper produced in the reporting periods was produced from the Company’s own feed.
Vladimir Malakhov, Rough&Polished
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