In the first quarter of 2024, Norilsk Nickel reduced nickel production by 10% compared to the first quarter of 2023 to 42 thousand tons. Almost the entire volume of metal was produced from its own raw materials (41.96 thousand tons). The decrease in nickel production is due to an increase in unfinished production, which will be processed in the second quarter. This is stated in the company's message.
Copper production (including the Trans-Baikal division) increased slightly by 1% to 110 thousand tons. All copper was produced from its own raw materials. The Zabaikalsky division increased the production of copper in concentrate by 3% to 17 thousand tons, which is due to an increase in ore processing at the Bystrinsky GOK.
Palladium production increased by 3% to 745 thousand ounces, while platinum remained almost at the same level in the amount of 178 thousand units (-1%). All metal was produced from its own raw materials.
MMC Norilsk Nickel is a diversified mining and metallurgical company that is the world's largest producer of palladium and high–quality nickel, as well as platinum, copper, cobalt, silver, gold, and iridium. The production units of MMC Norilsk Nickel are located in the Norilsk Industrial District, on the Kola Peninsula and in the Trans-Baikal Territory in Russia, as well as in Finland. The company's shares are listed on the Moscow and St. Petersburg Stock Exchanges.
Norilsk Nickel's net profit under IFRS for the first half of 2023 fell by 79% to $1.07 billion from $5.06 billion a year earlier. Consolidated revenue amounted to $7.16 billion, a decrease of 20%. EBITDA decreased by 30% to $3.37 billion from $4.8 billion.
