PJSC MMC Norilsk Nickel has published its production results for the first quarter of 2024. Nickel production decreased by 10%, copper output increased slightly.
In the first quarter of 2024, nickel production decreased by 10% compared to the first quarter of last year to 42,000 tons due to an increase in work in progress material to be processed in the second quarter.
Copper production by the group of companies (including the Trans-Baikal division) increased slightly - by 1% to 110,000 tons. During the reporting period, the Trans-Baikal Division increased production of copper concentrate by 3% year on year to 17,000 tons due to increased processing at the Bystrinsky MPP.
As for platinum group metals (PGMs), Nornickel’s palladium production increased by 3% compared to the first quarter of 2023 to 745,000 ounces, and platinum production decreased slightly by 1% to 178,000 ounces.
The company’s mines continued to increase ore production after testing and putting into operational commissioning of equipment from new suppliers late last year.
In addition, in the reporting quarter Nornickel continued to produce premium quality nickel at Kola MMC for the Chinese electroplating sector following the successful delivery of trial batch of such product last year.
The company left its production guidance for the year unchanged. In 2024, Nornickel plans to produce 184,000 - 194,000 tons of nickel, 334,000 - 354,000 tons of copper, 2.296 - 2.451 million ounces of palladium and 567,000 - 605,000 ounces of platinum.
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
