6 Mar 2022 19:57

Nornickel continues to produce, sell metals, pursue investment programs

MOSCOW. March 6 (Interfax) - Norilsk Nickel continues to produce and sell metals and implement investment programs.

"Despite unprecedented new challenges, Nornickel continues to work on all of its platforms. We mine ore, produce and sell metals, and continue to pursue investment programs," the company's management board said in a statement.

The company noted that the changes affected literally every aspect of its operations: "We faced global financial volatility, turbulence in our traditional markets, and serious logistical restrictions."

"In this complicated situation, the most important thing for us is to maintain production continuity, ensure regular payment of wages and strictly fulfill all of our social obligations," the statement reads.

"Over the 86 years of the company's history, we have learned to work under the most difficult conditions. Today, our multinational team is capable of overcoming any difficulties. Nornickel produces the metals for vital high-tech industries and green economy, and helps realize people's hopes for development and makes the world a more reliable place," Nornickel said.

"We believe in our peaceful future," the company said.

Nornickel's capex this year, according to plans announced in early February, should rise to $4 billion from $2.8 billion in 2021, as the company is in the advanced stages of its investment cycle on key projects to expand production and retrofit its metallurgical facilities.

Nornickel's net debt at the end of 2021 stood at $4.9 billion, with a net debt to EBITDA ratio of 0.5x.