Column: Electric dreams turn into a nightmare for battery metals
A sector that was once racing to build new supply has been closing mines and deferring projects as low prices bite into the cost curve.
Norilsk Nickel’s (Nornickel) Chief Operating Officer Sergey Dyachenko is leaving the company as part of a management restructuring, it said on Monday.
The shake-up follows a number of environmental and industrial accidents at the world’s largest producer of palladium and major producer of nickel. The company faces a $2 billion payout over environmental damage after an Arctic fuel spill in May, which has been followed by a series of smaller accidents.
The company, which has a market value of $50 billion and is co-owned by billionaire Vladimir Potanin and aluminum producer Rusal, has terminated Dyachenko’s position as operations chief, it said in a statement.
Separate divisions in three regions of Russia where Nornickel’s assets are located will now handle operational management, Nornickel said, encompassing mining and metals production as well as power supply and repair services.
(By Polina Devitt; Editing by David Goodman)
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