Russian Miner Nornickel Raises 2024 Production Targets

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.


Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver @ $36 & We’re Still 200M Oz Short | Paul Andre Huet – Americas Gold and Silver

Gold’s Wild Bull Run: Are Markets About to Break? | Mike McGlone

First Majestic Silver: The Santa Elena Mine

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

French Industrial Gases Supplier Air Liquide Makes Russian Exit, Leaves Operations To Local Management

Atypical of a so-called “French exit,” Paris-based industrial gases producer Air Liquide publicly announced its...

Friday, September 2, 2022, 02:18:00 PM

Orano’s $1.6B Mongolia Uranium Project in Limbo Over Political Tensions

A $1.6 billion uranium mining deal between France and Mongolia, aimed at diversifying France’s nuclear...

Monday, February 26, 2024, 02:05:41 PM

Russian Court Seizes Over €700M From Western Banks

A Russian court has seized assets worth over €700 million from three major Western banks,...

Saturday, May 18, 2024, 11:17:00 AM

Russian Central Bank Revokes Qiwi Bank’s License Following Violations and ‘High-Risk’ Operations

Russia’s central bank announced on Wednesday that it has revoked the banking license of Qiwi...

Thursday, February 22, 2024, 03:06:00 PM

Elon Musk Calls For Increasing Domestic Oil And Gas Output Immediately

The oil and gas sector has found an unlikely ally as of last night. In...

Saturday, March 5, 2022, 11:03:00 AM