(Kitco News) - Russia's Nornickel, theworld's largest producer of palladium and high-grade nickel and a majorproducer of platinum and copper, announced today that in 9M 2021, its totalnickel output decreased 23% y-o-y to 130 kt.
The company said that thisdecrease was attributed to the temporary suspension of mining operations and subsequentrestoration works at Oktyabrsky (5 mtpa of ore) and Taimyrsky (4.3 mtpa of ore)underground mines of the Norilsk division after the flooding caused by theinflow of groundwater, as well as the temporary suspension of the NorilskConcentrator and consequent repairs.
In 9M 2021, the company'stotal copper output decreased 20% y-o-y to 288 kt, almost all of which wereproduced from the company's own Russian feed. The company explained that copperproduction declined in the reported period due to the same causes as fornickel.
In 9M 2021, the company'stotal palladium and platinum output reduced 7% y-o-y to 1,913 koz and 10% y-o-yto 463 koz, respectively. All PGMs were produced from the company's own Russianfeed. The decline in PGMs production in the reported period was attributed tothe same causes as for nickel.
Nornickel pointed out that currently,the Oktyabrsky mine is operating at full capacity, which was resumed already bythe middle of May. The Taimyrsky mine is running at 85% capacity since resumingoperation in early June and expected to return to full capacity by thebeginning of December.
Moreover, the company notedthat the Norilsk Concentrator has recovered to 93% of its design capacity withthe help of mobile crushers and is expected to return to full capacity by thisDecember.
Importantly, Nornickel saidthat it reiterates its 2021 metal production forecast for nickel and copperwithin the earlier announced range, while flagging up an upside risk for PGMvolumes, which are expected at the top end of the guided range.
Nornickel is a diversifiedmining and metallurgical company, the world's largest producer of palladium andhigh-grade nickel and a major producer of platinum and copper. The company alsoproduces cobalt, rhodium, silver, gold, iridium, ruthenium, selenium,tellurium, sulphur and other products.
By Vladimir BasovFor Kitco News
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