Russian mining giant Nornickel says it will not change its long-term view of the metal industry

Russian mining giant Nornickel said on Tuesday that it would not change its long-term view of the metals industry and would continue to implement the plan, although the company acknowledged logistics problems.

"in the long run, we will not change our mind in principle," said Sergei Dubovitsky, senior vice president. We are continuing to implement our investment plan. "

He described current metal and oil prices as "abnormal".

Trading in nickel was suspended on the London Metal Exchange (LME) on Tuesday as the price of nickel soared to more than $100000 a tonne.

"We think our transactions and sales will continue," Dubovitsky said. There is a demand for our metals in the market. And none of our clients intend to default now. Of course, there are some logistics problems. "

Vladimir Potanin, Nornickel's largest shareholder, said on Saturday that the company had tried to ensure alternative routes for palladium transport.

Nornickel, the world's largest palladium and refined nickel producer, is considering shifting metal supplies to alternative markets, including Asia, but calls this a "plan B", Dubovitsky said.

"our task now is to maintain our key markets," Dubovitsky said. "in a very volatile situation, our task is to maintain the supply chain."

In November, Nornickel raised its investment forecast for 2021-2030 by $6 billion to $35 billion.