Page 155 - RusRPTAug22

9.2.14 Mines and Minerals - other
Norilsk Nickel released 2Q22 operating results. The company demonstrated slightly weak q/q results, but robust y/y performance and reconfirmed its guidance.
· Nickel output declined 6% q/q, but gained 48% y/y to 48kt. The y/y increasing was partially caused by low base effect of the 2Q21, when Oktyabrsky and Taimyrsky mines were temporarily halted.
· Meanwhile, copper production was up 23%% q/q and 38% y/y to 113kt.
· Separately, palladium output was flat q/q, though climbed 29% y/y to 709koz.
· Finally, platinum production was down 3% q/q, but up 18% y/y to 158koz.
· The company actively seeks new suppliers of high-performance equipment and spare parts.
· Norilsk Nickel reiterated its production guidance for 2022 – nickel output is expected within 205-215kt, copper at 365-385kt, while palladium at 2,451-2,708koz, platinum at 604-667koz.
Russia’s share in the global supply of metals
Commodity
Share %
Aluminium ores
0.4
Zinc
0.5
Iron ore
1.4
Gold
1.6
Maize
2.3
Lead
3.7
Copper
4.4
155 RUSSIA Country Report October 2020 www.intellinews.com