Nornickel is the leader in Russia’s metals and mining industry, a reliable social partner, and one of the world’s largest producers of palladium and Class I nickel.
Construction of the Norilsk Metallurgical Plant on the Taimyr Peninsula and of the Severonikel plant on the Kola Peninsula were launched. The first batch of converter matte and salable nickelproduced in 1939.
- Major sulphide deposits of copper‑nickel ores of the Talnakhskoye deposit were discovered.
- The construction of mines and the town of Talnakh started on the Taimyr Peninsula.
- The first batch of carbonyl nickel was produced at Severonickel Plant.
- Komsomolsky, Oktyabrsky, and Taimyrsky Mines were launched; Talnakh Concentrator and Nadezhda Metallurgical Plant were commissioned. Severonickel Plant celebrated first production of electrolytic copper.
The Norilsk Nickel State Concern for the Production of Precious and Non‑ferrous Metals was transformed into RJSC Norilsk Nickel and privatised. In 2001, the Company was restructured, with shareholders owning a combined 96.9% stake in RJSC Norilsk Nickel exchanging their shareholdings for shares in OJSC MMC Norilsk Nickel. Company shares started trading on the RTS and MICEX stock exchanges, and first American Depositary Receipts (ADRs) were issued in June.
Vladimir Potanin and his new management team took the helm of the Company. The Board of Directors adopted a new long‑term development strategy focused on world‑class assets of the Polar Division and Kola MMC. Bystrinsky GOK, the largest greenfield project in the Russian metals industry, was constructed from scratch in the Zabaykalsky Territory. At that time, a programme was launched to improve the environmental conditions across the Company’s footprint, including the shuttering of Nickel Plant in Norilsk, the launch of the Sulphur Project to drastically reduce sulphur dioxide emissions, and the closure of obsolete metallurgical facilities in the Murmansk Region.
The Company announced a new investment cycle aimed at the comprehensive development of mining assets and the expansion of processing capacities as well as the implementation of its environmentally friendly growth strategy, which not only lays out long-term performance targets for ore production and capital investment but also sets out concrete action plans to reduce the Company’s environmental footprint in its regions of operation.
Nornickel in 2023
Nornickel fully delivered on its production programme in line with management guidance.
A development licence was obtained for the Kolmozerskoye deposit located in the Murmansk Region, which envisages annual production of 45 ktpa of lithium carbonate and hydroxide.
RUB 60 billion 5‑year exchange‑traded bonds with a floating RUONIA
linked rate were issued. The Digital Investor corporate programme was launched for employees to receive a digital financial asset linked to the market value of Nornickel shares.
The Sulphur Project was launched at Nadezhda Metallurgical Plant in Norilsk. This major environmental project is aimed at drastically reducing sulphur dioxide emissions in Norilsk and improving the city’s air quality.
The Company started the development of the deepest ore horizons in Eurasia and put onstream the Glubokaya shaft at Skalisty Mine reaching depths of almost 2 km. This move will enable Nornickel to substantially boost extraction of the most valuable high‑grade ore.
In a first for the Company, Nornickel published a standalone Climate Change Report disclosing its initiatives around climate action and climate change adaptation from 2021 to date, the development of its risk management system, and the resilience of Nornickel’s strategy in three climate scenarios.