Moscow, 29 July 2024 — Nornickel, the world’s largest producer of palladium and Class I nickel and a major producer of platinum and copper, announces preliminary consolidated production results for the second quarter and the first half of 2024 and full year 2024 production outlook.

Senior Vice-President — Operational Director, Alexander Popov commented on the production results,

“In 1H 2024, the output of key metals saw different trends: while we increased the production of copper, the output of other metals slightly decreased. Consolidated copper production was up due to optimization of technological processes at the Copper Plant of Norilsk Division aimed at the quality improvement of copper cathodes. As a result, we increased the share of copper cathodes of the top-quality brand (М00k) to 84.3%.

A small decrease in nickel production was attributed to scheduled capital repairs of the flash smelting furnace #2 at Nadezhda Metallurgical Plant that is supposed to improve the reliability of smelting capacities of the plant including the electric furnace and auxiliary equipment.

At the same time, the Company continued to increase production volumes of premium nickel brands, such as ‘Nornickel Plating Grade’ — for electroplating and ‘Nornickel High Purity’ — for the production of superalloys at nickel electrolysis shop at Kola Division.

The decrease in platinum output was attributed to changes in PGM ratio in the structure of processed raw materials. The palladium production remained largely unchanged.

I would like to highlight the positive changes in industrial safety. In 1H 2024, we introduced a new H&S audit framework that assesses the industrial safety procedures at the Company’s sites more effectively. We have also changed the H&S communication with employees focusing on simple and engaging examples of industrial safety issues.

Taking into account all the initiatives, which have been rolled out, we reiterate our previously announced production guidance from own Russian feed for FY2024”.

Nornickel announces consolidated production results for 1H 2024