Top Miner Unveils Revamped Strategy for Environmental Leadership

Nornickel has officially approved a revised environmental strategy, emphasizing a commitment to carbon neutrality.

The revamped strategy is bifurcated into mandatory and voluntary sections. The mandatory part aligns with legislative requirements, setting specific targets across seven key areas: emergency situations, air, water, tailings and waste, soil and biodiversity..

To meet these objectives, Nornickel has developed a program comprising over 150 specific actions planned for 2023-2031, with anticipated expenditures exceeding 5 billion USD. ​​

Despite these ambitious environmental commitments, Nornickel’s financial performance saw a downturn, with its H1 2023 net profit dropping 79% to $1.07 billion from the previous year’s $5.06 billion, and a consolidated revenue decrease of 20% to $7.16 billion. The EBITDA also fell by 30% to $3.37 billion.

Nornickel, a leading diversified mining and metals company, is the world’s largest producer of palladium and high-grade nickel, along with significant outputs of platinum, copper, cobalt, silver, gold, and iridium. Its operations span the Norilsk industrial region, the Kola Peninsula, the Trans-Baikal region in Russia, and Finland, with its shares traded on the Moscow and Saint Petersburg stock exchanges.