WOOD Flash – Norilsk Nickel: 2Q18 trading update, on track to meet Russian guidance, small cut in Chita guidance
Norilsk has just released its 2Q18 trading update. Management reiterated its annual production guidance for the Russian operations and the company appears to be on track to meet this. However, its copper guidance for the Bystrinsky/Chita project has been cut from 25-31kt to 20-25kt due to technical issues at the concentrator, which it plans to fix by the year-end. However, this c.5-6kt guidance cut is a small percentage of Norilsk’s total planned output, so we see the change as broadly immaterial. We see these results as neutral for the stock.
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