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repairs), and over RUB250bn rubles over the next five years," the statement said. In the first nine months of 2022, PhosAgro increased its fertilizer production by 6.7% to 8.1mn metric tonnes. According to the results of the year, production can grow by almost 5% and exceed 10.9mn metric tonnes, the company noted.
9.2.14 Mines and Minerals - other
Norilsk Nickel 2023 CapEx to rise 10% y/y within 2023 budget, as per the company’s press-release. The total investments to reach $4.7bn next year. The company plans funding the Sulphur Program, mining, as well as some social projects. Thus, the investment cycle will pass the peak in 2023, the company states. At the same time, Norilsk Nickel once again notes the voluntary (i.e. not conditioned by the restrictions) refusal of foreign partners to cooperate with the miner. Overall, the entity is adjusting the sales strategy, substituting foreign equipment and technology suppliers, developing new logistics channels, entering new markets and finding new financing instruments.
Norilsk Nickel mulls cutting nickel production 10% in 2023, Bloomberg states. The miner considers lowering the output as some European customers refuse purchasing Russian metal and in light of global nickel surplus next year (+110kt, per Norilsk estimates). The company’s 2023 contracting season was also stopped for roughly a month in the autumn, when the LME studied whether it should prohibit Russian metals, Bloomberg says.
Norilsk Nickel expects 2022 palladium deficit may reach 600koz compared to 100koz in its previous assessment, Interfax states citing the company. At the same time, the miner sees the shortage would hit 800koz next year. The company notes serious risks associated with production disruptions in South Africa and the negative consequences of the decision of London Platinum and Palladium Market (LPPM) to exclude Russian refineries from the Good delivery list. The miner revised platinum market prospects as well, anticipating a balance in 2022 (vs a 900koz surplus forecasted earlier) amid the suspension of production in South Africa, but a 300koz surplus in 2023.
NorNickel’s CapEx is to exceed RUB250bn (c$3.7bn) in 2022, Interfax reports, citing Senior Vice President, Head of Strategy, Strategic Projects, Logistics & Procurement of Norilsk Nickel Sergey Dubovitsky. In 2021, the company’s CapEx hit c$2.8bn. The company is also developing new routes through the Northern Sea Route with the focus on Asia and has already tested the metals supplies to China, Dubovitsky added.
Australian court demands from UC Rusal to disclose taxes and alumina
173 RUSSIA Country Report January 2023 www.intellinews.com