Norilsk Nickel revealed today (30th July) that production of all its pgms declined on a year-on-year basis in the first half of 2009.

The world's largest nickel and palladium producer confirmed in a statement that platinum output decreased from 338,000 oz to 315,000 oz during the six-month period.

In addition, palladium output was down from 1.438 million ounces to 1.354 million ounces, while nickel production slipped from 143,407 tonnes to 140,571 tonnes.

The Russian company - which also saw copper output slump from 208,046 tonnes to 195,507 tonnes - did not provide any explanation for the disappointing results.

For the second quarter of 2009, the trends largely continued, with platinum output falling from 200,000 oz to 174,000 oz and palladium production down from 841,000 oz to 741,000 oz.

Copper output slid from 104,056 tonnes to 99,793 tonnes, although nickel production provided the lone positive, moving up to 71,394 tonnes from the 68,835 tonnes recorded in the equivalent period in 2008.

Norilsk revealed last December that it would lower pgm output amid falling prices, while also cutting its full-year targets after shutdowns at some of its foreign production units.

Source:

Norilsk - H1 nickel, copper, pgms outputs all decline (30/07/09)

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