High palladium price helps break fall in Nornickel's 2020 profit

Nornickel’s annual profit fell by 39% in 2020, despite a 15% increase in its revenues compared with 2019, according to financial results issued by the Russian miner on Tuesday February 16.

Nornickel posted a net profit of $3.634 billion for 2020, down from $5.966 billion in 2019.

Strong commodity prices, especially that for palladium, helped Nornickel end the year with a better bottom line than at mid-2020. The multi-metal miner and smelter surrendered 98.5% of its first-half profit in 2020 to cover costs from a massive oil leak in the...

Published

Orla O'Sullivan

February 17, 2021

06:21 GMT

New York