Norilsk Nickel plans to sell all it produces in 2025
me-metals: Russia’s Nornickel, the world’s largest producer of palladium and a major producer of refined nickel, on Friday said it plans to sell everything it produces in 2025, despite challenging conditions in the metals markets.
According to me-metals cited from mining.com, Nornickel is not subject to direct Western sanctions, though restrictions against Moscow have prompted some Western companies to avoid buying Russian metal and complicated payment flows, leading Nornickel to redirect sales to Asia.
In April, the London Metal Exchange banned deliveries of newly-produced Russian aluminum, copper and nickel to the LME-registered warehouses to comply with US and UK sanctions that are aimed at trying to disrupt Russian export revenues.
Nornickel reported a 22% fall in first-half profit in August, due to weak nickel and palladium prices, logistical difficulties, and issues related to cross-border payments.
“In 2025, the management is expecting to sell the entire metal production volumes, while forecasting that metal market conditions will remain challenging, with a nickel market specifically forecasted to be in surplus,” Nornickel said in the statement.
It did not give production forecasts for 2025.Nornickel this week said it sees the global nickel market maintaining a surplus of 150,000 metric tons in both 2024 and 2025.
In October, the company raised its 2024 production guidance for all metals, expecting nickel output at 196,000-204,000 metric tons and palladium production at between 2.624 million and 2.728 million ounces.
Nornickel, whose board of directors approved its 2025 budget with a 215 billion rouble ($2.1 billion) investment plan, said maintaining financial stability was a key priority.
The company did not disclose 2024 investment volumes. Previously, Nornickel reduced its investment plan for this year to $3 billion from the initially approved $3.6 billion due to exchange rate fluctuations and sanctions causing it to revise investment projects.
($1 = 103.4955 roubles)
source: mining.com
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Norilsk Nickel plans to sell all it produces in 2025
