Nornickel Projects Modest Growth in Nickel Production for 2024

Nornickel, a leading Russian miner, has outlined its production targets for base and precious metals in 2024, forecasting a slight increase in nickel output. The company expects nickel production to rise by 1.2%, reaching 204-211 thousand tonnes. Copper output is projected to remain stable at 363-373 thousand tonnes, with an additional 66-70 thousand tonnes of copper concentrate from Bystrinsky GOK, which produced 70 thousand tonnes in 2024.

For precious metals, platinum production is expected to slightly exceed 2024 levels, reaching 662-675 thousand troy ounces, while palladium output may see a marginal decline to 2.704-2.756 million troy ounces. Last year, Nornickel produced 205,000 tonnes of nickel, 363,000 tonnes of copper, 667,000 troy ounces of platinum, and 2.762 million troy ounces of palladium.

Key projects in 2024 included the overhaul of the weighted smelting furnace No. 2 at the Nadezhda smelter, increasing output by 25%. This resulted in higher-than-planned production of copper, platinum, and palladium. Additionally, the Kola Mining and Metallurgical Company carried out maintenance on its carbonyl nickel section and initiated production of special nickel powders.

Nornickel also expanded its presence in growing markets, particularly in China, where it began supplying premium nickel grades for electroplating applications. The Chinese market, the largest for nickel electroplating, uses the metal for automotive components, lighting fixtures, and household appliances. Given this demand, Nornickel plans to increase nickel supplies for galvanic purposes.