Norilsk trims '09 nickel, raises PGM output f'casts
Mon May 25, 2009 10:14am EDT
reuters.com;
MOSCOW, May 25 (Reuters) - Russian miner Norilsk Nickel (GMKN.MM) trimmed its 2009 nickel output forecast to between 285,000 tonnes and 300,000 tonnes, the company said on Monday, from an earlier estimate of 290,000 tonnes to 305,000 tonnes.
Norilsk, the world's largest nickel miner, said production would be steady at its Polar and Kola divisions in the Russian Arctic, while output from purchased intermediaries would largely offset the closure of 43,500 tonnes of overseas capacity.
Norilsk also raised its forecast for palladium production in 2009 to between 2.685 million and 2.710 million ounces from an earlier estimate of 2.610 million to 2.625 million ounces. Platinum output is forecast at between 615,000 and 640,000 ounces, compared with an earlier forecast of 600,000-620,000 ounces.
Though the forecasts are slightly higher, they still predict year-on-year output reductionsas a result of lower platinum group metals grades in the ore mined. Norilsk tweaked its copper output forecast at the upper end to 385,000-405,000 tonnes from 385,000-400,000 tonnes earlier. (Reporting by Aleksandras Budrys, editing by Robin Paxton) |
