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Tuesday April 24, 11:31 PMNorilsk revises up 2007 nickel outputMOSCOW, April 24 (Reuters) - The world's No.1 nickel and palladium producer, Norilsk Nickel said on Tuesday it had revised its nickel output forecast for 2007 upwards due to the acquisition of nickel assets of OM Group Inc. .The firm sees its output at 270,000-275,000 tonnes this year, up from the previous 240,000-245,000 tonnes, Norilsk said in a statement. It produced 244,000 tonnes of nickel in 2006. In March, Norilsk completed a $408 million deal to buy the nickel mining and refining assets of U.S.-based OM Group located in Finland and Australia. The deal also included a contract to supply practically all Norilsk's cobalt to OM Group. The deal increased Norilsk's refined nickel production capacity by up to 60,000 tonnes per year, equivalent to an additional production of 35,000-40,000 tonnes of the metal, Norilsk has said. Norilsk kept its 2007 output forecast for copper unchanged at 404,000-409,000 tonnes, palladium at 3.00-3.05 million ounces and of sister metal platinum at 700,000-750,000 ounces, the statement said. Norilsk produced 61,000 tonnes of nickel in the first quarter of this year, up from 60,000 tonnes in the same period of last year. Its output of palladium fell to 716,000 ounces in January-March from 775,000 ounces, of sister metal platinum to 169,000 ounces from 184,000 ounces. Copper output declined to 101,00 tonnes from 109,000 tonnes. The platinum and palladium figures did not include output by Norilsk's U.S. subsidiary, Stillwater Mining Co . |
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