Nornickel announced revised production forecasts for 2024, adjusting its metal output projections across all categories. The Russian-based company’s updated nickel production target ranges from 196,000 to 204,000 metric tons, though this remains below the 209,000 tons produced in 2023.
Following maintenance work at its Nadezhda smelter in August, the company reported nickel production of 146,210 tons for the first nine months of the year. Third-quarter figures showed a 16% increase in nickel output compared to the previous quarter.
The company modified its palladium estimates to 2.624-2.728 million ounces, with current production reaching 2.156 million ounces through September. Operations Director Alexander Popov noted steady outputs for platinum and nickel, while reporting changes in copper and palladium production.
Market dynamics have shifted for the company, which has adjusted its sales approach in response to international sanctions. While not directly affected by Western restrictions, the company has experienced changes in its buyer relationships, leading to an increased focus on Asian markets.
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