Russian Miner Nornickel Now Earns Nearly Half of Its Revenue in Asia
- Europe share of firm’s revenue slumps to 24% in first quarter
- Russia’s war in Ukraine is redrawing global commodity flows
A worker checks the flow of hot liquid metal from a furnace at a Nornickel plant in Norilsk, Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
MMC Norilsk Nickel PJSC, Russia’s biggest miner, now earns almost half of its revenue in Asia while sales in Europe tumble, further evidence of a shift in global commodity flows amid the country’s war in Ukraine.
In the first three months of 2023, Asia accounted for 45% of the company’s revenue, while Europe — traditionally its largest market — fell to 24%, it said in a presentation. The figures were 31% and 47% respectively last year, when the miner had annual contracts that were signed before Russia’s invasion.