Varvara Dmitrieva: The jewelry industry of Yakutia is distinguished by its creativity, unique cultural code and conservation of traditions

Varvara Dmitrieva, Associate Professor and Head of the Department of Precious Stones and Metals Processing Technologies of the North-Eastern Federal University, told Rough&Polished about the results of the Forum of jewelry Craftsmanship and the prospects...

16 april 2024

Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Nornickel's board approves 2024 budget

03 january 2024

Nornickel’s Board of Directors has approved the company’s budget for 2024. Capital expenditures will amount to around $3.6 billion.

In the upcoming year, the company will continue with its strategy of moderate growth and sustainable development, encompassing pivotal investment projects with a focus on mining and processing growth, equipment upgrade and replacement to enhance occupational health and safety, energy and fuel infrastructure modernisation, and reduction of its environmental footprint, primarily through the Sulphur Programme.

Among other things, 2024 will see further replacement of mining equipment within Norilsk Division and important repairs of the flash smelter at Nadezhda Metallurgical Plant.

Next year, Nornickel will place particular emphasis on implementing its social strategy, prioritising the regions where it operates. The company will go ahead with its comprehensive plan for renovating the Norilsk Industrial District while also tackling a range of other social challenges. Also, Nornickel plans to conduct wage indexation to maintain its position as one of the most attractive employers in the industry.

The company continues to address emerging challenges associated with finished product sales, resource and equipment supplies, inflationary pressure, rising taxes, and debt portfolio management.

Against this backdrop, upholding Nornickel’s financial resilience remains a strategic priority. To that end, the 2024 budget lays out a suit of initiatives designed to boost operational efficiency, curb inflationary cost growth and adapt the sales strategy to the prevailing environment while also improving investment performance and working capital management.

The management team appreciates the support of the Board of Directors in approving the budget for the upcoming 2024 year. This budget incorporates measures to address the elevated external and internal challenges and is aligned with the company’s medium-term plans and strategic objectives. We reaffirm our commitment to conservative leverage levels and our investment programme targets without losing our focus on human resource retention and strengthening, ensuring the reliability of our fixed assets, reducing our environmental impact, making social investments across the company’s footprint, and upholding stringent occupational health and safety standards,” said Sergey Malyshev, the company’s Senior Vice President and Chief Financial Officer.

Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished