PJSC MMC Norilsk Nickel published preliminary operating results for the first half of 2025. Production of nickel, copper, and platinum group metals decreased compared to the same period last year. The main reasons were the high base of 2024, the need to replenish work in progress, and a temporary decrease in ore extraction due to the transition to new mining equipment.
As noted by Senior Vice President – Chief Operating Officer Alexander Popov, the company continues to adapt import-substituting technologies, which temporarily affects production volumes.
A number of major repairs are planned for the second half of the year to improve the reliability of the main technological equipment, and adaptation to the operation of new import-substituting mining equipment will continue. As a result, we are slightly lowering the forecast for nickel and copper production for 2025 and leaving the forecast for PGM production relative to the previously published one, practically without significant changes.
In this regard, Nornickel slightly adjusted its forecast for nickel and copper production, maintaining expectations for the production of platinum group metals (PGM) at the same level.
Despite the decrease in volumes, the company increased the share of premium products. The production of nickel grades Nornickel Plating Grade (for electroplating) and Nornickel High Purity (for superalloys) has increased, which opens access to new markets. Also, 91% of the copper produced consisted of the highest quality cathodes. By the end of 2025, an increase in the production of metallic nickel with high added value is expected due to a reduction in the production of semi-finished products.
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