one of the leading global producers of nickel, platinum, copper, and other metals with a low carbon footprint
4
a significant supplier of metals essential for the development of a low‑carbon economy and green transport
5
a vital player in the Russian Arctic zone, with its assets operating as backbone enterprises for four cities (Norilsk, Dudinka, Monchegorsk, and Zapolyarny)
Nornickel’s products
Position in the industryFor palladium, platinum, and rhodium markets – in terms of refined metals production (including tolling arrangements), for the copper market – in terms of mining production (globally). For the nickel market – in terms of metal nickel production.
Proven and probable ore reservesChanges primarily affected disseminated ores. Their prices increased relative to processing costs following adjustments to the macroeconomic outlook. The decline in proven reserves of rich ores is attributable to ongoing deposit development.
1373mlnt
Polar Division
272mlnt
Trans‑Baikal Division
Reserves‑to‑production ratio at the current production level
>70years
Polar Division
>20years
Trans‑Baikal Division
>300
customers from across the globe
Market share
Nornickel’s vertical integration is a key strategic advantage
Nornickel’s sustainablegrowth strategy contributestowards the UN Sustainable Development Goals and Russia’s national goals and projects.
Nornickel’s contribution to the Stable and Dynamic Economy national goal
Targets and objectives:
a) Ensure GDP growth above the global average and achieve fourth place by GDP globally by 2030 [...]
Nornickel’s performance highlights and plans
9.1%
the Group’s share of Russia’s metals production in 2024
2.2%
the Group’s share of Russia’s industrial output in 2024
Nornickel’s contribution to the International Cooperation and Exports national project
Relevant UN SDGs
Related federal projects
Industrial Exports
Developing International Infrastructure
Systemic Measures to Develop International Cooperation and Exports
Nornickel’s key initiatives and focus areas
Metal product exports
Development of the icebreaker fleet and transportation along the Northern Sea Route
In September 2024, two divisions – Norilsk and Kola, which comprised the Group’s core operating assets – were merged into the Polar Division to enhance Nornickel’s operational efficiency and financial stability, streamline internal processes, and break down organisational silos.
Taimyr Peninsula, north of the Krasnoyarsk Territory, Russia
Deposit development and full metals production cycle – from mining of rich, cupriferous, and disseminated copper‑nickel sulphide ores to manufacturing of end products
Oktyabrskoye and Talnakhskoye deposits, Norilsk‑1 deposit as well as non‑metallic deposits (Ozero Lesnoye, Gorozubovskoye, Kayerkanskoye, Mokulayevskoye, and Gribanovskoye), development projects (Maslovskoye and the Western flank of the Oktyabrskoye deposit), and high potential areas (Yuzhno‑Norilskaya, Mikchangdinskaya, and Arylakhskaya)
Kola Peninsula, Murmansk Region
Development of deposits within the Western Ore Cluster, mining and further processing of disseminated copper‑nickel sulphide ores
Zhdanovskoye, Zapolyarnoye, and Tundrovoye deposits
Trans‑Baikal Territory, Gazimuro‑Zavodsky Municipal District
Exploration, mining, and further processing of gold‑iron‑copper ores
Bystrinskoye deposit, development projects (Bystrinsko‑Shirinskoye and Bugdainskoye deposits, flanks of the Bystrinskoye deposit), and high‑potential areas (Alenuyskaya, Shamyanskaya, Mostovskaya, and Dogyinskaya)
Energy Division
Norilsk Industrial District
Production and transportation of natural gas and gas condensate, generation of heat and electricity for the Company’s production assets, local consumers, and residents of the Norilsk Industrial District, as well as organising supplies and storage of light and heavy petroleum products in the Far North
Pelyatkinskoye, Yuzhno‑Soleninskoye, Severo‑Soleninskoye gas condensate fields, Messoyakhskoye gas field
Sales Division
Sales network companies in Russia, Switzerland, and China (Shanghai and Hong Kong SAR)
Identifying distribution channels for the Company’s products, building and expanding the customer base, selling end and semi‑products, ensuring customer satisfaction with the product and service quality, venturing into new product segments and sales markets, conducting market research, and pursuing R&D in science and technology to boost demand for the Company’s products
90yearsof progress
2025 marks a special milestone for Nornickel as the Company celebrates its 90th anniversary. Since 1935, everyone involved in building one of Russia’s largest metals and mining companies has been making history – a history full of discoveries, challenges, and successes. The Company is moving forward with confidence, drawing on its legacy and pursuing ambitious plans for the future, steadily achieving its operational and financial goals, and improving the quality of life for thousands of employees and residents across the Group’s footprint.
Despite numerous external headwinds, Nornickel’s priorities remain unchanged: in 2024, the Company fulfilled all its obligations to employeesand the government, advanced its investment programme with a focus on mining projects and the environmental well‑being of its operating regions, and aimed to maintain financial stability, along with a conservative approach to debt management.
Milestones in Nornickel’s growth and evolution
Beginnings
1935–1959
Construction of Norilsk Metallurgical Plant on the Taimyr Peninsula and of Severonickel Plant on the Kola Peninsula commenced.
The first batches of converter matte and saleable nickel were produced in 1939.
By late 1953, Norilsk Plant produced 35% of nickel, 12% of copper, 30% of cobalt, and 90% of PGMs of the Soviet Union’s total output.
Development of new deposits and launch of new production facilities
1960–1992
Major sulphide deposits of copper‑nickel ores of the Talnakh Ore Cluster were discovered.
The construction of mines and the town of Talnakh started on the Taimyr Peninsula.
The first batch of carbonyl nickel was produced at Severonickel Plant.
Komsomolsky, Oktyabrsky, and Taimyrsky Mines were launched; Talnakh Concentrator and Nadezhda Metallurgical Plant were commissioned.
Severonickel Plant celebrated first production of electrolytic copper.
Transformation
1993–2012
The Norilsk Nickel State Concern for the Production of Precious and Non‑Ferrous Metals was transformed into RJSC Norilsk Nickel.
In 2001, the Company was restructured, with shareholders owning a combined 96.9% stake in RJSC Norilsk Nickel exchanging their shareholdings for shares in OJSC MMC Norilsk Nickel. Company shares started trading on the RTS and MICEX stock exchanges, and first American Depositary Receipts (ADRs) were issued.
New strategy implementation
2013–2020
A new management team took the helm of the Company. The Board of Directors adopted a new long‑term development strategy focused on world‑class production assets.
The largest greenfield project in the Russian metals industry was constructed from scratch in the Trans‑Baikal Territory.
A programme was launched to improve the environmental conditions across the Company’s footprint, including the shuttering of Nickel Plant in Norilsk, the closure of obsolete metallurgical facilities in the Murmansk Region, and the launch of the Sulphur Project.
Moderate growth strategy
2021–2030
Amid global uncertainty, the Company is pursuing a strategy of moderate growth while continuing to comprehensively develop its mining capabilities, expand its processing capacities, as well as advance the completion of the Sulphur Project, with a drastic reduction in emissions across all production sites, in 2027. Nornickel is doubling down on operational efficiency by transforming its governance system. Notable accomplishments to date include the launch of the Sulphur Project at Nadezhda Metallurgical Plant, the development of Eurasia’s deepest ore horizons, and first production at the Glubokaya shaft of Skalisty Mine.
Map of Nornickel’s 2024 highlights
01
January
Launch of Artistic Perspectives of Exploration: The Explorer and the Artist, a major art and educational project
Victory in the national Responsible Business Leadership awards
First payments to DFA holders, equivalent to Nornickel dividends
02
February
Approval of the updated Environmental and Climate Change Strategy and Key Focus Areas of Carbon Neutrality
Holding public hearings on the outcomes of the 2023 Big Scientific Expedition
Signing of strategic cooperation agreements with two Russian software developers
Assessment of the Norilsk renovation project outcomes by Federation Council representatives
03
March
The Company Vice Presidents’ Direct Line Q&A session
Presentation of the Company’s innovative developments for carbon‑free energy in Beijing
Signing of an agreement for the supply of next‑generation radioisotope instruments
Deployment of an electronic trading/bidding platform to improve transparency of the Company’s procurement procedures
04
April
Split of Nornickel shares
Wrap‑up of the Sulphur Project’s early results
Announcement of the Company’s plans to relocate part of its copper production capacity to China
05
May
Start of the replacement of one of the two furnaces at Nadezhda Metallurgical Plant
Presenting the Company’s 2023 sustainability highlights
Presentation of four of the Company’s software import substitution projects for the industry at CIPR Conference
Signing of information security agreements
06
June
Signing of an agreement to strengthen support for the indigenouspeoples of the North
Completion of the fieldwork stage of exploration at the Kolmozerskoye lithium deposit
Launch of annual assessments of suppliers against sustainability criteria
Launch of the second cycle of the Digital Investor programme
07
July
Employee pay rise (Groupemployeesalaries increased by 10%)
Completion of the installation of a backup fibre‑optic link between Novy Urengoy and Norilsk
Studies on the Norilo‑Pyasinskaya water system
Drilling of new wells at the Pelyatkinskoye gas condensate field
08
August
Transfer of housing and new infrastructure to Taimyr settlements
Release of hundreds of thousands of sturgeon fingerlings into the Yenisei River
First batch of converter matte produced by Nadezhda Metallurgical Plant’s new furnace
09
September
Establishment of the Polar Division, launch of a transformation across operations and management
Inauguration of the Battery Technology Centre in Saint Petersburg
Signing of Russia’s largest‑ever deal to purchase carbonunits
Update of the Policy of Engagement with Indigenous Small‑NumberedPeoples
10
October
Launch of the Code of Ethics for the Information Security Market
Launch of Nornickel platinum and palladium trading on the Moscow Exchange
Nornickel’s annual strategy session
11
November
Launch of a project to build a solar power plant in the Trans‑Baikal Territory
Extension of collective bargaining agreements until 2027
Signing of a new cooperation agreement with the Trans‑Baikal Territory
12
December
Opening of a new corporate medical centre in Talnakh
Issuance of carbon credits generated by the Company’s climate project
Launch of the air quality monitoring system in Norilsk
Verification of the Sulphur Project’s effectiveness in Norilsk
