Nornickel forecasts further nickel output drop this year

Russian metals producer Nornickel on Monday said it expected a further decline in nickel output this year, hit by adverse geopolitical risks and postponed furnace repairs, following on from a drop in production in 2023.

Nornickel, the world’s largest palladium producer and a major producer of refined nickel, said its nickel production fell 5% year on year to 209,000 metric tons in 2023. This year, the company expects nickel output at 184,000-194,000 tons.

Nornickel’s senior vice-president and operational director Sergey Stepanov said, “In 2024, we expect that risks related to an adverse geopolitical situation will continue to impact our operations,” he said. “Furthermore, this year we are planning capital repairs of the flash smelting furnace #2 at Nadezhda Metallurgical Plant.”

• [Editor:邢亚敏]