Nornickel's nickel production in the first half of 2026 decreased by…
Nornickel's nickel production in the first half of 2026 decreased by 2% year-on-year to 85,03 thousand tons due to repairs and a higher base from the previous year. The company maintained its full-year forecast for nickel (193–203 thousand tons) and copper (336–356 thousand tons).
Consensus
- Nornickel's nickel production in H1 2026 was down 2% compared to the same period in 2025.
- Nornickel's copper production in H1 2026 decreased by 5% year-on-year.
- The decline in output for both metals is attributed to higher base levels from the previous year and maintenance activities.
- Nornickel confirmed its full-year production forecast for nickel (193–208 thousand tons) and copper (336 – 356 thousand tons).
- Zabaikalsky Division's copper output increased by 2% in H1 2026, driven by improved extraction efficiency due to higher metal content in ore.
Points of divergence
- Nornickel produced 43.28 thousand tons of nickel in Q2 2026, which is 4% lower than the same quarter in 2025. — interfax
- Nornickel's nickel production increased by 4% in Q2 2026 compared to Q1 2026, reaching 43 thousand tons. — vedomosti
- The overhaul of the enrichment furnace at the Nadezhdin Metallurgical Plant was completed ahead of schedule and all key components were designed and manufactured in-house for the first time. — interfax
- Zabaikalsky Division reduced copper concentrate output by 4% in Q2 due to planned maintenance on the self-grinding mill. — vedomosti
- Platinum production increased by 7% in Q2 and decreased by 16% for H1; palladium production fell by 3% in Q2 and by 14% for H1. — vedomosti
Coverage (2 sources)
- Nornickel reduced nickel output by 4% year-on-year in Q2 — Интерфакс
- Nornickel's nickel production volume fell by 2% over six months — Ведомости