Russian Mining Giant Nornickel Says It Won't Change Its Long-Term View on the Metals Industry

SHANGHAI, Mar 16 (SMM) - Russian mining giant Nornickel said on Tuesday it would not change its long-term view of the metals industry and would continue to execute plans, although the company acknowledged logistical problems. Senior Vice President Sergei Dubovitsky said: "In the long run, in principle we will not change our views. We are continuing to implement the investment plan. " He described current metal and oil prices as "abnormal." Nickel trading on the London Metal Exchange (LME) was suspended last Tuesday after prices surged to more than $100,000/mt. "We think our deals and sales will continue," Dubovitsky said. Our metals are in demand in the market. And none of our clients have any intention of defaulting. Of course, there are some logistical issues. " Nornickel's largest shareholder, Vladimir Potanin, said on Saturday that the company had managed to secure alternative routes for palladium shipments. Nornickel, the world's largest producer of palladium and refined nickel, is considering shifting its metal supply to alternative markets, including Asia, Dubovitsky said, but called it "Plan B." "Our task now is to maintain our key markets," Dubovitsky said. "Our task is to maintain the supply chain in a very volatile situation." In November, Nornickel raised its investment forecast for 2021-2030 by $6 billion to $35 billion.