Nornickel Reports USD 9 Billion Revenues for H1 of 2022

World’s largest palladium and high-grade nickel and a major producer of platinum and copper Russian Norilsk Nickel has reported that consolidated revenue was flat year-on-year amounting to USD 9 billion. Higher base metal prices and recovery of production volumes after temporary suspension of operations caused by the incidents at Oktyabrsky and Taimyrsky mines and Norilsk concentrator in H1 of 2021, were negatively offset by lower realized palladium price and lower overall metal sales volume owing to logistical disruptions as well as a higher base effect due to the sale of metal from previously accumulated stock in 1H2021EBITDA decreased 16% YoY to USD 4.8 billion owing to higher operating cash costs driven mainly by increase in labour expenses and mineral extraction tax. EBITDA margin amounted to 53%Net income increased 18% YoY to USD 5.1 billion mostly driven by stronger rouble exchange rate as of the end the reported period resulting in revaluation of foreign currency debtCAPEX increased 83% YoY to USD 1.8 billion driven by the scheduled growth of investments into key environmental, mining and metallurgical projects as well as intensified capital repairs aimed at improvement of industrial safety and mitigation of physical risksThe production units of Norilsk Nickel Group are located at the Norilsk Industrial District, on the Kola Peninsula and Zabaykalsky Krai in Russia as well as in Finland.

Nornickel Reports USD 9 Billion Revenues for H1 of 2022

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