29 Dec 2022 20:42

Potanin: Nornickel still planning to modernize production, launch Northern project, motivation program

MOSCOW. Dec 29 (Interfax) - Nornickel will preserve all existing modernization programs in 2023, company president Vladimir Potanin said in a congratulatory message to employees posted on the company's Telegram channel.

"We will retain all existing programs to modernize production, develop territories, and support people," he said.

Potanin also confirmed that next year will see the launch of the Sulfur Project at the Nadezhda plant, which will improve the environmental situation in the Norilsk industrial district.

The Nornickel CEO also pointed to the launch of the company's employee motivation program (Digital Investor) in 2023.

"It will make every employee a partner in the company's success and will be a reflection of our belief in the sustainability and reliability of Nornickel, which is ensured by its many thousands of employees. We are the first Russian company whose employees will receive this new secure digital tool. We are pleased to know that in the turbulent environment Nornickel is not only not cutting back, but, on the contrary, is expanding its employee support programs," Potanin said.

"Despite substantial headwinds and 'experienced competitors,' the company achieved most of its goals in 2022," the Nornickel chief said.

"In 2022, Nornickel reached record levels of investments, continuing to implement key social programs aimed at urban development, improving working conditions and medical services for our employees, supporting culture and sports, and improving the environmental situation," he said.

This year, the Company's capex will double, amounting to over 250 billion rubles, Sergey Dubovitsky, Senior Vice President and Head of Strategy, Logistics and Resource Supply at Nornickel, said in December.

Next year MMC expects its investment cycle to peak, with capex increase by 10% compared with 2022 to $4.7 billion. The 2023 investment program provides financing for key projects, such as Sulfur Program 2.0, mining projects, infrastructure maintenance projects in the Norilsk industrial area and equipment replacement and capitalized repairs, as well as social projects.

In December, the U.S. put Potanin and Interros, which he owns, on the SDN list. Norilsk Nickel is not subject to sanctions.