October 30, 2017 / 10:13 AM / 3 years ago

UPDATE 1-Russia's Nornickel sticks to 2017 output forecast after strong quarter

    * Q3 nickel output down 3 pct y/y
    * Q3 output of copper, PGMs up y/y
    * Shares up 0.5 pct in Moscow, in line with market

 (Writes through to focus on year-on-year comparison, adds
quotes, context)
    MOSCOW, Oct 30 (Reuters) - Russia's Norilsk Nickel
, the world's second-largest nickel and top palladium
producer, reaffirmed its previous 2017 output forecast on Monday
after a strong third quarter.
    Nornickel, part-owned by Russian tycoon Vladimir Potanin and
aluminium giant Rusal, has planned to increase its
nickel and palladium output from Russian raw material this year.
    "We reiterate our 2017 metal production guidance," Sergey
Dyachenko, Nornickel Chief Operating Officer, said in a
statement.
    Nornickel said its third-quarter palladium production
totalled 693,000 troy ounces, up 7 percent year-on-year, while
platinum output rose 12 percent to 174,000 ounces. Its copper
output added 11 percent to 95,949 tonnes.
    The Russian mining giant, which competes with Brazil's Vale
SA for the rank of the world's top nickel producer,
said that its third-quarter nickel production, however, fell 3
percent year-on-year to 54,175 tonnes due to the reconfiguration
of its Arctic production facilities.
    Its shares were up 0.5 percent in Moscow on Monday, matching
the broader MICEX index.
    Nornickel's current 2017 production guidance from Russian
feedstock:    
 Metals                                   2017 output forecast
 Nickel, 000 tonnes                                    206-211
 Copper, 000 tonnes                                    377-387
 Palladium, 000 ounces                             2,636-2,732
 Platinum, 000 ounces                                  581-645
    - To see Nornickel's 2016 consolidated production results
and output from Russian feed 
    - Nornickel also produces other metals including cobalt and
gold as by-products but discloses their output in its full-year
annual reports only.
    - Source text for Eikon:

 (Reporting by Polina Devitt; editing by Louise Heavens)
  
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