Nornickel 2019 Annual Report

From 5-year planning

See the section in our Annual Report for 2018
Strategic priorities

To longer term 10-year vision

VLADIMIR POTANIN, President of PJSC MMC Norilsk Nickel

The seamless execution of our strategy over the past six years, as well as tailwinds in the commodities markets, have helped us to achieve industry-leading TRS (total returns to shareholders) performance. Now it’s time for us to take the next step towards even more ambitious goals, both in terms of business growth and environmental performance.

From environmental compliance to a broader commitment

See the section in our Annual Report for 2018
Environmental management system

To sustainable future in the regions in which we operate

See section Environment

MISSION

Through the efficient use of natural resources and equity, we supply mankind with non-ferrous metals, which make the world a more reliable place to live in, and help people to realise their aspirations for development and technological progress

From a resource supplier

To an enabler of the global shift towards cleaner mobility

KEY TRENDS IN THE PALLADIUM MARKET

2019 was another year of growing palladium prices due to the steady increases in consumption from the automotive industry amid tougher environmental standards worldwide. Deficit was offset by primary production growth and improved recovery of automotive catalysts as supplies from previously accumulated stocks were much smaller.

More details Commodity Market Overview

From a “steady-state” financial model

See section Financial performance

To growth-enabling capital allocation maintaining industry-leading returns through the cycle

See section Key Investment Projects

Critical contribution to the global sustainability agenda: enabling the shift to cleaner mobility

See section Comprehensive environmental programme

By 2030, Nornickel’s supplies of PGMs to the global market will support the production of

autocatalysts annually

Increases in high-grade nickel output will support the production of

EV battery packs annually

Nornickel is Russia’s leading metals and mining company, the largest palladium and high-grade nickel producer in the world, and a major producer of platinum and copper. Nornickel also produces cobalt, rhodium, silver, gold, iridium, ruthenium, selenium, tellurium, and sulphur.

PRESIDENT’S LETTER