Norilsk Nickel, the world’s largest nickel and palladium producer, reported a two percent increase in nickel production during the first half of the year, despite a disappointing second quarter.
Total nickel during this six-month period was 131,000 tonnes, driven mostly by higher metal output by the Kola division and Norilsk Nickel Harjavalta.
But, lower nickel content in ore processed at the Polar division, scheduled repair works at the Harjavalta refinery in Finland, as well as the de-consolidation of Tati Nickel, impacted production in the second quarter – down five percent to 64,000 tonnes.
In the first half, the company produced 182,000 tonnes of copper, marginally down year-on-year by one percent. This was driven mainly by the reduction of low-margin tolling operations at Kola MMC.
Second quarter consolidated copper output increased three percent to 93,000 tonnes, mostly owing to the processing of work-in-progress material by the company’s Russian operations.
Meanwhile, platinum and palladium output increased by two percent and five percent respectively in the first six months.
In the second quarter palladium output increased 15 percent to 726,000 ounces and platinum at 175,000 ounces was up six percent.
The company said it is on track to meet its 2015 metal production guidance from Russian feed. Nickel production was forecast at 220,000-226,000 tonnes, copper at 360,000-368,000 tonnes, palladium at 2.580-2.610 million ounces and platinum at 590,000-615,000 ounces.
(Editing by Archie Hunter)
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