Russia's Norilsk H1 2009 metals output declines
Friday, Jul 31, 2009
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MOSCOW, July 30 - Russia's Norilsk Nickel , the world's largest nickel and palladium producer, said on Thursday output of all its metals declined in the first half of this year from the same period a year ago.
Norilsk did not give a reason for the decline.
It said nickel output rose in the second quarter of the year, while copper, palladium and platinum output declined.
Norilsk produced 140,751 tonnes of nickel in the first half of 2009, compared with 143,407 tonnes in the same period a year ago, the company said in a statement.
Palladium output declined to 1.354 million ounces from 1.438 million. Platinum output was 315,000 ounces, down from 338,000 ounces a year ago.
Copper output in the first six months of this year declined to 195,507 tonnes from 208,046 tonnes a year ago.
In December, Norilsk said it would cut metals output in 2009 as demand fell amid the global economic crisis. [ID:nL1684074]
In May, Norilsk trimmed its output forecasts for the full year of 2009, as it had to halt some of its foreign production units. It said it intended to keep output by its key units in Russia steady. [ID:nLP122306]
Q2 NICKEL UP, COPPER DOWN
Norilsk said nickel production in the second quarter of 2009 was 71,394 tonnes, up from 68,835 tonnes in the second quarter of 2008.
But copper production in the second quarter of 2009 was 99,793 tonnes, down from 104,056 tonnes a year ago.
Palladium output fell to 765,000 ounces from 841,000 ounces and platinum to 174,000 ounces from 200,000 ounces.
United Company RUSAL, the world's top aluminium producer, holds a 25 percent-plus-two-shares stake in Norilsk. The stake is deposited as collateral with state-owned bank VEB.
Interros, an investment vehicle of billionaire Vladimir Potanin, holds a stake of 25 percent plus one share.
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