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Nornickel boosts nickel output by 13%, palladium production - by 7% in 2022

The company rolled out new logistics and established new procurement channels to source equipment and spare parts both within Russia and from friendly countries in 2022

MOSCOW, January 24. /TASS/. Norilsk Nickel boosted nickel output by 13% in 2022 compared with 2021 to 219,000 tons, the world’s largest high-grade nickel and palladium producer reported on Tuesday.

Palladium production added 7% in the reporting period to 2.79 mln troy ounces, platinum production edged up by 2% to 651,000 troy ounces, while copper output rose by 6% to 433,000 tons.

The company rolled out new logistics and established new procurement channels to source equipment and spare parts both within Russia and from friendly countries in 2022, according to Senior Vice-President, Operational Director Sergey Stepanov.

That said, the risks related to adverse geopolitical situation are expected to continue to affect Nornickel’s operations this year, he noted.

In 2022, Nornickel fully met its production guidance. The output of all key metals increased, with copper and platinum in line with the guidance, while nickel and palladium beating it. The main reason for the higher-than-expected production volumes was the postponement of the repairs of the flash smelting furnace #2 at Nadezhda Metallurgical Plant to 2023, the company said.

Q4 nickel production added 1% quarter-on-quarter to 60,000 tones. Copper output gained 2% to 116,000 tons. Meanwhile the production of palladium and platinum fell by 7% to 662,000 ounces and by 6% to 160,000 ounces, respectively, due to lower volumes of copper cake shipped from Norilsk Nickel Harjavalta in Q3 as a result of complications with logistics stemmed from the changes in the geopolitical situation, as well as a high base effect of Q3.

Considering the policies being implemented to reduce the influence of new operating risks, Nornickel plans to produce 204,000-214,000 tons of nickel and 353,000-373,000 tons of copper in 2023. The production of palladium is projected at 2.4-2.56 mln troy ounces, while platinum output is expected to reach 604,000-643,000 troy ounces.

The company plans to continue its assets’ modernization and repairs program aiming at improving industrial safety this year. "As part of this program, the repairs of the flash smelting furnace #2 at Nadezhda Metallurgical Plant are scheduled, which is expected to result in a small reduction in the output of finished products in 2023," Stepanov was quoted as saying.

Norilsk Nickel is a diversified metals and mining company. Its production units are located in the Norilsk Industrial District, on the Kola Peninsula and the Trans-Baikal Territory in Russia, as well as in Finland.

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