The Russian miner outlined optimistic production expectations for 2025 following a consolidated performance in 2024, driven by equipment repairs and exploring new markets.

Nornickel’s Q4 2024 nickel production rose 5% q-o-q to 59kt, following the completion of repairs on flash smelting furnace #2 at the Nadezhda Metallurgical plant. As a result, full-year nickel output fell 2% to 205kt but remained slightly above the company’s target range of 196-204kt. Palladium output for the year increased by 3% to 2,762koz, while platinum production saw a slight increase of 0.5% to 667koz, both exceeding the established production targets.

This year’s nickel output is expected to be 204-211kt, while palladium and platinum are anticipated to range 2,704-2,756koz and 662-675koz, respectively. This growth is attributed to the completed repairs on the furnace, which has resulted in a 25% increase in smelting capacity.

Due to geopolitical tensions, in recent years, Nornickel has shifted its primary market from Europe to Asia, with a particular focus on China. In 2024, the company increased its production of premium nickel to cater to China’s electroplating market and was reported to be in discussions to build a copper smelter on China’s southern coast utilising Russian concentrate.