NILSY - Nornickel sees mine flooding adding to palladium shortfall

Nornickel ([[NILSY]] -0.1%) says it expects the deficit in the global palladium market to increase this year following the earlier flooding at its mines and accident at its plant.The Russian miner sees rebounding demand combined with flooding at its Oktyabrsky and Taimyrsky mines, as well as accidents at its concentrator, will produce a palladium deficit of 900K oz., up from 300K oz. in 2020.Overall production will be curbed even as one of the two underground mines, hit by a sudden inflow of water in February, already has resumed production at full capacity, the second mine is expected to restart in early June, and the concentrator, which collapsed during maintenance in February, will return to full capacity by October.The palladium deficit would be even larger if not for supply from stockpiles, including metal produced but not sold by Nornickel in 2020, the miner says.ETFs: [[PALL]], [[SPPP]], [[PPLT]], [[PLTM]], [[PGM]], [[PTM]]

For further details see:

Nornickel sees mine flooding adding to palladium shortfall