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The world's largest producer of refined nickel and palladium, Nornickel, a Russian metals company, reported a 5% decrease in nickel production to 209,000 metric tonnes in 2023.
Although Western countries have not directly targeted Nornickel in reaction to the situation in Ukraine, CEO Vladimir Potanin stated last year that sanctions had limited the company's growth.
According to Nornickel, palladium production fell 4% in 2023 to 2,692 koz. The corporation anticipated a decline in both metals' output in 2023, but palladium output exceeded expectations.
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