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Nornickel makes Asia pivot as metals price drop hits H1 profits
Russian miner Nornickel said on Wednesday that Asia had become the company’s largest market in terms of revenue for the first time, as it posted a 79% year-on-year drop in first-half net profit after key metals prices declined.
Nornickel is the world’s largest producer of palladium and refined nickel. While it has not been directly targeted by Western sanctions over the conflict in Ukraine, it has been pivoting to new markets as it faces problems importing equipment and transporting goods abroad.
Net profit dropped from $5.1 billion to $1.1 billion year-on-year in the first half, while revenue fell 20% to $7.2 billion. Nickel prices fell about 28% so far this year due to rising production in Indonesia.
The weakening rouble and revised schedules for a number of projects led the company to lower its investment forecast for 2023 to $3.5-3.8 billion from $4.7 billion, chief financial officer and senior vice-president Sergey Malyshev said.
Nornickel said it was actively searching for suppliers to fulfil its production program for this year and next.
Pivoting to new markets and developing new supply chains significantly increased finished goods stockpiles, which will be substantially reduced by end-2023, Nornickel said.
Nornickel expects a global nickel market surplus of 200,000 tonnes this year and 180,000 tonnes in 2024. The global palladium deficit is seen at 0.2 million ounces in 2023, and a 0.3-million-ounce surplus expected in 2024.
Source: MINING. COM
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