Russia: Norilsk Nickel production is expected to be 20.5-215000 tons in 2022

Mining giant Norilsk Nickel (Nornickel) said Monday it expects nickel production to be between 205 and 215000 tons in 2022 and 21. 5 to 230000 tons in 2023 and 2024. The company raised its long-term production outlook to 26-280000 tons of nickel, 50-540000 tons of copper and 160-540000 tons of platinum group metals by 2030.

It is estimated that the global nickel market will have a surplus of 60, 000 tons in 2022 and a shortage of 150000 tons in 2021.

The company said it produced 95-105 tons of platinum group metals in 2022 and 100-115 tons in 2023. The global palladium market is expected to remain in short supply, with a shortfall of 300000 ounces in 2022 and 200000 ounces in 2021.

The company expects capital expenditure of $4 billion in 2022 and $27-2.8 billion in 2021. Annual investment will reach as high as $4 billion to $4.5 billion between 2023 and 2025 and will fall to $3 billion to $3.5 billion by 2026-27.