Its palladium production forecast was raised to between 2.624 million and 2.728 million ounces, up from 2.296 million to 2.451 million ounces previously. Palladium production increased 1% year-on-year to 2.156 million ounces in the nine months of 2024.

Nornickel Chief Operating Officer Alexander Popov said the company increased its copper and palladium production over nine months year-on-year, while platinum and nickel remained unchanged.

The “positive momentum” was attributed to improved operational efficiency and increased ore mined, it said in a statement.

Nornickel is not subject to direct Western sanctions, although sanctions against Moscow have prompted some Western producers to avoid buying Russian metal and complicated payments, leading Nornickel to shift its sales to Asia.

(Reporting by Anastasia Lyrchikova, writing by Gleb Bryanski, editing by David Goodman)