Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Russian metals producer Nornickel’s first-half nickel and palladium output rose year on year thanks to returning production two mines hit by flooding in 2021, the company said on Thursday.
Nornickel, the world’s largest producer of palladium and refined nickel, kept its previous 2022 output forecast unchanged despite difficulties posed by Western sanctions against Moscow over Ukraine.
“One of the key risks that might affect our production plans remains the supply disruption of high-performance equipment and spare parts,” Chief Operating Officer Sergey Stepanov said in a statement.
The miner is exploring the ability of domestic companies to supply materials and equipment to meet the needs of Nornickel and other large companies in Russia, he added.
Nornickel’s January-June nickel production rose by 26% year on year to 99,951 tonnes while copper output was up 18% at 203,930 tonnes.
Output of platinum group metals was also higher, with palladium up 8% at 1.4 million troy ounces while platinum production rose by 1% to 321,000 ounces.
(Editing by Jason Neely and David Goodman)
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