Nornickel confirmed on 11 February 2025 that discussions about a joint venture in China were active. The producer from Russia did not announce an agreement or disclose the terms, according to Reuters. The confirmation followed earlier reporting about a possible copper-processing partnership.
An existing smelter was among the options
In December, two people familiar with the discussions told Reuters that Xiamen C&D was the prospective partner. Their account identified the Yanggu Xiangguang smelter in Shandong, rather than a newly built plant. Investment amounts and ownership shares had not been settled. Those details came from the earlier sources, not the February company confirmation.
The December report also said the facility would need technological changes to handle the nickel and platinum-group metals contained in Nornickel's copper concentrate.
Production figures provide the operating context
Nornickel's 27 January production release reported these rounded 2024 figures:
- Copper output of 433,000 tonnes, including the Trans-Baikal division, up 2%.
- Nickel production of 205,000 tonnes, down 2%.
- Copper in concentrate from the Trans-Baikal division of 70,000 tonnes.
The division's concentrate is included in the copper total.
The company linked the copper increase to the previous year's lower base, when processes at the Copper Plant were being adjusted to improve cathode quality. The figures describe existing production, not output from the proposed venture.
Lower revenue and capital spending
The company's investor presentation dated 10 February put 2024 revenue at $12.5 billion, a decline of 13%, and EBITDA at $5.2 billion, down 25%. Capital expenditure fell 20% to $2.4 billion. The presentation identified lower realised nickel and palladium prices among the pressures on revenue, alongside higher copper and gold prices.
These annual results preceded the latest confirmation of negotiations. They do not establish a purchase price, ownership percentage or operating start date for the potential Chinese venture.