Nornickel boosts palladium production 3%, platinum production 4% in 9M 2018, confirming forecast
MOSCOW. Oct 31 (Interfax) - Nornickel produced 2.095 million ounces of palladium in 9M 2018, up 3% year-on-year, the company said in a statement.
Platinum production increased 4% to 513,000 ounces.
In particular, in Q3 the company produced 699,000 ounces of palladium and 178,000 of platinum.
Both palladium and platinum output were down 14% and 10% quarter-on-quarter respectively. The decline of the PGM output was attributed to lower metal content in the feed processed at Norilsk Nickel Harjavalta and to a high base effect of Q2 2018 when the company processed work-in-progress concentrate accumulated earlier.
Palladium production was up 1% year-on-year and platinum - 2%.
"In 9M 2018, we increased the output of all core metals," First Vice President Sergei Dyachenko was cited as saying. "PGM output increased as a result of intensive processing of copper concentrate purchased from Rostec and Talnakh Concentrator reaching its design parameters. We reiterate our production guidance from own Russian feed for FY2018."
Nornickel reaffirmed its 2018 production guidance of 2.63 million - 2.725 million ounces of palladium and 600,000 - 650,000 ounces of platinum.
Both palladium and platinum were produced solely from the company's own Russian feed in Q3.
Nornickel platinum group metals production:
|Q3 2018||Q2 2018||Change||9M 2018||9M 2017||Change|
|Palladium, '000 oz||699||813||-14%||2 095||2 027||3%|
|- Of which from own Russian feed||699||813||-14%||2 095||1 967||7%|
|Platinum, '000 oz||178||197||-10%||513||493||4%|
|- Of which from own Russian feed||178||197||-10%||513||472||9%|