Nornickel Nickel Output Slightly Down in Q1 Amid Maintenance

Nornickel

Focus Keyphrase: Nornickel nickel output

Nornickel nickel output declined slightly in the first quarter of 2025 due to ongoing maintenance at key production facilities. Russia’s top nickel and palladium producer reported a 1.1% year-on-year drop in saleable nickel to 41,617 tonnes.

The output decline was linked to furnace repairs at the Nadezhda metallurgical and copper plants, and mill maintenance at the Talnakh concentrator. Despite the dip, nearly all nickel was produced from Nornickel’s own feedstock, ensuring vertical integration and supply stability.

Copper and PGMs Show Mixed Performance

Copper production by Nornickel also edged down, falling 0.4% to 109,355 tonnes during the same period. However, the TransBaikal division achieved a 1% increase in copper concentrate output, thanks to better processing efficiency.

Palladium output dipped by 0.6% to 741,000 oz, while platinum rose by 0.6% to 180,000 oz. This shift was due to changing metal content in the processed ore rather than major operational changes.

Nornickel Maintains 2025 Output Guidance

Despite minor fluctuations, Nornickel nickel output targets for 2025 remain unchanged.

The group still forecasts 204,000–211,000 tonnes of nickel and 353,000–373,000 tonnes of copper.

Additionally, the company aims for 2.704–2.756 million ounces of palladium and 662,000–675,000 ounces of platinum. These targets reflect Nornickel’s confidence in its operational recovery and metal market resilience.

The Metalnomist Commentary

Nornickel’s modest Q1 decline in nickel output reflects planned maintenance, not structural weaknesses. Stable year-end guidance signals confidence amid global supply chain volatility in critical minerals.