MMC Norilsk Nickel has confirmed that it experienced a six per cent fall in metal sales during the first half of 2008 compared to the equivalent period last year.

The company posted sales revenue of $7.2 billion for the six months to 30th June, with the decrease being largely attributed to substantial decreases in the price of nickel.

This figure was partially offset by positive price trends for copper, platinum, palladium and gold, meaning it saw a 40 per cent ($483 million) revenue increase in platinum group metals sales.

The group experienced a rise of 63 per cent in its sales of platinum - bringing in $837 million in the process - while production was up from 439,000 oz to 447,000 oz.

In terms of palladium, Norilsk saw its production fall from 1.84 million ounces to 1.78 million ounces, while sales of the metal were up by 21 per cent, bringing $796 million in revenue.

Meanwhile, the company also revealed that its purchases of platinum group metals (PGM) scrap increased by $83 million (52 per cent) to $244 million.

This leap can be explained by the increase in market prices for PGM inventory and the greater physical volume of PGM inventory purchased by Stillwater Mining Company to improve production through existing capacities.



Source:

MMC NORILSK NICKEL PRESENTS THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2008 PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS (03/10/08)
http://www.nornik.ru/_upload/editor_files/file1124.pdf