NILSY - Nornickel says no material impact on palladium nickel sales via sanctions

Russian miner Norilsk Nickel (OTCPK:NILSY) said Monday that there was no material impact on its sales of palladium and nickel, and maintained its production guidance for 2022, despite the war in Ukraine that has broadly affected commodity markets. Western sanctions imposed on the Russian government after it launched its invasion of Ukraine have not yet targeted Nornickel (OTCPK:NILSY), the world's largest producer of palladium and high-grade nickel. "The exclusion of Russian nickel from the trade system would be disastrous for the London Metals Exchange and the global nickel market as Nornickel's share in high-grade nickel production was ~20% in 2021," the company said. Nornickel (OTCPK:NILSY) said it maintained FY 2022 guidance of 2.4M-2.7M oz of palladium and 604K-667K oz of platinum, despite seeing respective Y/Y production declines of 8% and 12% during Q1. Aside from PGMs, Nornickel (OTCPK:NILSY) said its Russian nickel exports have not been affected and it continues

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Nornickel says no material impact on palladium, nickel sales via sanctions