Nornickel has announced its preliminary consolidated production results for the first half of 2025. The company is recognized as the world’s largest producer of palladium and a major producer of nickel, platinum, and copper.
Alexander Popov, Senior Vice-President and Operating Director, commented on the results: “In 1H 2025, the output of all key metals decreased compared to the same period of last year.” He explained that this decrease was due to several factors including a high base effect from previous periods and logistical adjustments. Additionally, there was an improvement in product quality and a transition to new mining equipment as part of an import substitution program.
Nornickel plans capital repairs in the second half of the year to enhance equipment reliability. This will result in a slight decrease in current production guidance for nickel and copper while maintaining previously announced guidance for PGMs. The company has also increased production volumes of premium nickel brands such as “Nornickel Plating Grade” for electroplating and “Nornickel High Purity” for superalloy production. Furthermore, customer satisfaction efforts have raised top-quality brand copper cathodes’ share to 91%.
For 2025, Nornickel’s own feedstock production guidance includes nickel at 196–204 kt, copper at 343–355 kt (excluding Trans-Baikal Division), palladium at 2,677–2,729 koz, platinum at 645–662 koz; with Trans-Baikal Division producing copper concentrate between 66–70 kt.
The second quarter saw consolidated nickel output rise by nine percent quarter-on-quarter to reach 45 kt due to optimized supply flows and repair schedules. However, first-half figures show a four percent year-on-year decrease attributed primarily to restocking needs following high outputs in early periods.
Copper output dropped five percent quarter-on-quarter but totaled a two percent year-on-year decline across all sources including Bystrinsky Copper Project contributions.
Palladium output fell eleven percent quarter-on-quarter reaching only six hundred fifty-eight thousand ounces during Q2 while platinum similarly decreased fourteen percent over three months tallying one hundred fifty-five thousand ounces produced exclusively using Russian-sourced materials according once more mainly because operational efficiency programs had set elevated benchmarks earlier within these cycles according again largely attributable here too initially heightened benchmarks previously achieved under those same initiatives affecting both commodities’ yields alike initially experienced under similar conditions before either became affected ultimately leading up till now reported declines overall despite initial successes otherwise recorded throughout various aspects therein involved overall involving respective sectors concerned where applicable…
