On May 23, Norilsk Nickel's management presented the main results in the field of sustainable development for 2022, which were commented on by representatives of the regions where the company operates, as well as by the scientific and expert community.
Vice President for Investor Relations and Sustainable Development Vladimir Zhukov, noting that the company is currently living in new geopolitical conditions, the promotion of a sustainable development strategy is doubly difficult. “In addition to our traditional challenges related to the volatility of our metal basket and the volatility of exchange rates, a number of new serious challenges have emerged. This is related to our sales activities and logistics,” he said.
Speaking about Norilsk Nickel's investment program, Zhukov said that over the previous seven years, the company's average capital investments from 2012 to 2020 amounted to about $1.7 billion a year, and in 2022 this amount was more than doubled reaching $4.3 billion, while this year the goal is to invest about 4.7 billion dollars, which is a record level of capital investments for the company.
Coincidentally, against the backdrop of these external challenges, he continued, we are at the same time passing the peak of our investment program, and one of the key elements of this investment program is our flagship environmental project.
“From an operating point of view, last year we delivered on all our promises. Production of all metals was in line with the target. This year we set ourselves the task of basically achieving our plans as well. A small decrease in nickel production is due to the repair of one of our furnaces, which we have planned for a long time. In principle, we plan to maintain, despite all these difficult new circumstances, the production of metals at a high and unchanged level," Zhukov said, noting that over the past year, the company has reoriented its sales to Asian markets, of which China is the largest consumer, and that all sustainability spending increased substantially last year.
"All this suggests that, despite the pressure that our financial model is experiencing, we, on the one hand, set ourselves and reaffirm the priority of maintaining sustainability, but at the same time we reaffirm our priority in that we continue to move towards sustainable development agenda, which, as you can see from these figures, is a very expensive pleasure."
Vladimir Malakhov, Rough&Polished
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