Norilsk Nickel reduced nickel production by 18 in 2021%

AK&M 24 January 2022 19:22

Norilsk Nickel in 2021 reduced nickel production by 18% to 193 thousand tons compared to a year earlier. The decrease in nickel production was caused by the temporary suspension of production at the Oktyabrsky mines (fully reached the design indicators in May) and Taimyrsky mines (fully reached the design indicators in December) after their flooding with groundwater, as well as the temporary suspension of the Norilsk concentrator due to an accident (reached the design indicators in December). This is stated in the company's message.

Norilsk Nickel produced 407 thousand tons of copper, which was 16% lower than the previous year. Palladium and platinum production amounted to 2.6 million ounces (-7%) and 641 thousand ounces (-8%), respectively.

PJSC MMC Norilsk Nickel (TIN 8401005730) is Russia's largest diversified mining and metallurgical company, the world's largest producer of nickel and palladium and one of the world's largest producers of platinum, rhodium, copper and cobalt. In addition, the company produces a large number of related metals, including gold, silver, tellurium, selenium, iridium and ruthenium. The production units of MMC Norilsk Nickel Group are located in the Norilsk Industrial District and on the Kola Peninsula, as well as in Finland, the USA, Australia, Botswana and South Africa.

Norilsk Nickel's IFRS profit for the first half of 2021 increased 96-fold to $4.3 billion from $45 million a year earlier. Consolidated revenue increased by 33% to $8.9 billion from $6.7 billion. EBITDA increased 3-fold to $5.7 billion from $1.84 billion.