WOOD Flash – Norilsk Nickel: 1Q20 trading update – production guidance reiterated
Norilsk announced its 1Q20 production results today (30 April), and reiterated its 2020E production guidance. It says that COVID-19 has “not had any material adverse impact on company’s operating activity so farâ€. Production volumes were lower yoy at the core operations in 1Q20, due to a build-up in stock, due to the pre-commissioning of the chlorine leaching refining shop at Kola MMC and the high base-effect of 1Q19 in terms of PGM output (when there was WIP destocking). These stocks at Kola should be processed later in the year. On the positive side, the Bystrinsky project continued its ramp-up, delivering a record 15kt of copper in copper concentrate, up 21% qoq and 51% yoy, remaining on track to meet the guidance, but we see Bystrinsky as relatively immaterial for Norilsk’s overall profitability. Overall, we see these numbers as neutral for the share price.
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