Norilsk Nickel (Nornickel), a Russian nickel and palladium mining and smelting company, expected that the nickel production would fall to 184,000-194,000 tons in 2024, after a drop of 5% in 2023’s nickel output of 209,000 tons.

The decrease was due to the geopolitical risks, which have continued to affect Nornickel’s operations. The international sanctions and trading barriers, caused by Russia’s invention of Ukraine, have restricted the company’s development and brought uncertainties to the operations.

In addition to nickel, Nornickel also projected its palladium output to be 2.295 to 2.451 million ounces, higher than the forecast, which indicated a stabilized palladium market.