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Norilsk Q1 nickel, copper output down YOY

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Norilsk Q1 nickel, copper output down YOY

Based on preliminary figures, PJSC MMC Norilsk Nickel on April 29 reported lower year-over-yearconsolidated copper and nickel production in the first quarter of 2016 while palladiumand platinum output improved.

Consolidated nickel production dropped 6% year over year to 63,631tonnes driven mostly by the ongoing reconfiguration of downstream production facilitiesat the Polar division, increase of work-in-progress materials in transit and reductionof low-margin tolling operations at KolaMMC.

Nickel output from the company's own Russian feed fell 5% to51,873 tonnes.

Copper production was 3% lower due to lower grades, and totaled87,255 tonnes.

Palladium and platinum output reached 642,000 ounces and 171,000ounces, up 1% and 4% year on year, respectively.

Norilsk Nickel said it is on track to meet its 2016 metal .

Recently, the company's board proposed a dividend payment of 230.14 Russian rubles per common sharefor its fiscal year 2015, a drop of about 65.7% from the dividend of 670.04 rublesper ordinary share recommended for fiscal year 2014.

As of April 28, US$1 wasequivalent to 64.57 Russian rubles.