Norilsk Nickel, the world's largest producer of the metal, said nickel output could rise as much as 3.4 percent this year after dropping 0.8 percent last year, while copper mining might extend declines.
Nickel production may reach 305,000 metric tons of nickel this year from 295,096 tons last year and 297,329 tons in 2010, Norilsk said in a statement published Monday on its website. Copper production fell 2.8 percent to 377,944 tons. It may drop even more in 2012 to at least 370,000 tons, Norilsk said.
Norilsk said output of the metals declined at its mines in Botswana, while copper also fell at its Harjavalta site in Finland, without elaborating.
Fourth-quarter production of the metal used in stainless steel was little changed from the previous three months at 79,616 metric tons, while copper output rose 3.5 percent to 98,439 tons in the period, according to the statement.
Palladium production may decrease to 2.75 million troy ounces this year, after a 1.9 percent decline last year to 2.8 million ounces, while platinum production may drop to 685,000 ounces after coming in little changed at 695,000 ounces last year, according to the statement.
Chief executive Vladimir Strzhalkovsky said metals prices this year aren't at a critically low level for the company, according to an interview broadcast on Russian state television on Jan. 19.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
