Increased geopolitical risks have impacted the company's financial results and created new challenges for its operational and sales activities, the company said.

Production hit 178,100 tonnes of copper in Q1 mainly due to the ramp-up of its newly opened Quellaveco copper mine in Peru.

Production will build up over a two-week period and is expected to be at normalized levels by end of April 2023.

Vladimir Potanin, president and biggest shareholder of Nornickel, was ranked as the second richest in Russia.

The shares will be purchased on the Moscow Exchange or the over-the-counter market.

Incident took place on Thursday when five contractors were installing a head pulley of the conveyor infrastructure.

World’s top 50 mining companies build on gains in the first quarter of 2023, but remain well below valuations this time last year as M&A fever grips the sector.