Russia’s Nornickel Sees Lower Palladium Output as Grades Decline

MMC Norilsk Nickel PJSC, Russia’s top mining company, expects platinum and palladium output to decline this year due to lower ore grades.

Palladium production could fall by as much as 11% to 2.4 million troy ounces, while platinum output may be about 8% lower at 616,000 ounces, the company known as Nornickel said in a statement on Wednesday. The expected drop comes as both precious metals have more than doubled in price over the past 12 months.