The Friday report revealed that Norilsk produced 75,842 tons of nickel in the first quarter, which the company largely attributes to increased output from Norilsk’s Russian divisions. The company also credited the nickel production increase on the launch of the new Lake Johnston operation in Australia and an increased loading rate at the company’s Harjavalta refinery in Finland, according to Reuters.
While Norilsk’s nickel production rose in the first quarter, production of the company’s other core metals fell. Copper production in the first quarter stood at 88,456, down six percent on the year, while platinum output fell two percent to 166,000 ounces. Palladium production also decreased to 649,000 ounces, down five percent on the year.
According to Norilsk, the reduced palladium output was the result of an accumulation of unfinished stockpiles at the company’s Russian divisions, although that reduced output was partially compensated for by the increases in production at the Harjavalta refinery, Reuters reports.
Norilsk Nickel is headquartered in Moscow and is the world’s largest producer of both nickel and palladium.