OJSC MMC Norilsk Nickel and its subsidiaries have announced unaudited interim financial results for 6 months ended June 30th 2011, prepared in accordance with International Financial Reporting Standards.
In the first six months of 2011 revenue of the Group increased by 24% as compared to six months of 2010, and amounted to USD 7 355 million. Revenue from metal sales increased by 24% as compared to six months of 2010, and amounted to USD 956 million. The key reason for this growth was the increase in market prices for precious and base metals produced by the Group.
In the reporting period revenue from metal sales increased (nickel and copper) by 20% to USD 867 million and amounted to USD 180 million. Precious metal sales (Palladium, Platinum and Gold) increased by USD 485 million (or 38%) and amounted to USD 1,776 million.
In the first half of 2011 revenue from nickel accounted for 53%of revenue from metal sales of the Group and increased from USD 3052 million in the first six months of 2010 to USD 3654 million in the first six months of 2011.This was driven by the average nickel sales price growth from USD 21553 per tonne in the first six months of 2010, as compared to USD 25782 in 2011.
Physical volume of sales of nickel produced by the Norilsk Nickel Harjavalta (Finland) increased by 3,000 tonnes in the first six months of 2011in comparison with first six months of 2010 and amounted to 23,000 tonnes.
Physical volume of nickel in semi products produced by Norilsk Nickel International Botswana remained on the level of first six months of 2010 and amounted to 4 thousand tonnes in the first six months of 2011.
