Nornickel Reported Dip in Key Metals Output

SEATTLE (Scrap Monster): Nornickel announced preliminary consolidated production results for the fourth quarter and the full year 2023 and production outlook for the full year 2024.

In 2023, the company reported marginal decline in output of all key metals, except for platinum. The nickel and copper output in 2023 were in line with the annual production guidance. Meantime, the production of platinum group metals stood above the guidance, said the company press release.

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The consolidated nickel output recorded 5% year-on-year decline to total 209 kt in 2023. The copper output from the company’s own Russian feed, including Trans-Baikal Division, decreased 2% to 425 kt. Meantime, the palladium and platinum production from its own Russian feed were above the guidance range of 2,407-2,562 koz and 604-643 koz, respectively.

Nornickel reported increased copper concentrate production from Trans-Baikal Division. It successfully completed the repair works of furnaces at Nadezhda Smelter and a grinding mill at Talnakh Concentrator in Norilsk Division. By launching Sulfur Program at the Nadezhda Smelter, the company achieved a major milestone in its environmental strategy.

The company foresees risks s related to adverse geopolitical situation to impact its operations in 2024.