Norilsk Nickel has published its operational results for the first half of 2024, reporting that main indicators remained generally stable.
Nickel
In 2Q 2024, consolidated nickel output increased 15% quarter-on-quarter (q-o-q) to 48 kt, practically all of which were produced from the company’s own Russian feed. The increase in production was attributed to higher volume of ore output driven by the operating efficiency program. In 1H 2024, total nickel output remained practically unchanged y-o-y at 90 kt.
Copper
In 2Q 2024, consolidated copper output (including Bystrinsky Copper Project) slightly decreased 1% q-o-q to 109 kt, all of which were produced from the company’s own feed. In 1H 2024, total copper output increased 7% to 219 kt due to the low base of the first quarter 2023 owing to optimization of technological processes at the Copper Plant of Norilsk Division aimed at the copper cathodes quality improvement in line with new customers’ requirements.
Platinum Group Metals
In 2Q 2024, palladium and platinum production remained largely unchanged: palladium production slightly decreased to 735 koz (down 1% q-o-q), while platinum production was flat q-o-q at 178 koz. All metal was produced from the company’s own Russian feed. In 1H 2024, palladium production remained practically unchanged y-o-y at 1 480 koz, while platinum production decreased 3% y-o-y to 356 koz. The decline of platinum output was attributed to changes in PGM ratio in the structure of processed raw materials.
“In 1H 2024, the output of key metals saw different trends: while we increased the production of copper, the output of other metals slightly decreased. Consolidated copper production was up due to optimization of technological processes at the Copper Plant of Norilsk Division aimed at the quality improvement of copper cathodes,” said Alexander Popov, Senior Vice-President, Operational Director of Nornickel.
Theodor Lisovoy, Editor in Chief, Rough&Polished
