Norilsk Nickel, the world's largest miner of nickel and palladium, said full-year profit climbed 27 percent as rising demand for the metals drove prices higher.
Net income rose to $3.3 billion in 2010 from $2.6 billion a year earlier, the company said Friday.
The Arctic mining giant's finances improved as its selling prices rose, by 48 percent for nickel and 97 percent for palladium. At the same time, production cost growth was slower.
Nickel prices surged last year as stainless-steel makers bought more of the metal that's used to prevent corrosion. Nickel traded on the London Metal Exchange averaged $21,868.66 a ton in 2010.
Net income from continuing operations was $5.2 billion, while Norilsk recorded a $2.1 billion loss from discontinued operations after agreeing to sell its Stillwater Mining unit in the United States and the OGK-3 utility, it said.
Adjusted earnings before interest, tax, depreciation and amortization advanced to $7.2 billion from $4.2 billion. Debt fell to $2.8 billion as of Dec. 31 from $5.3 billion a year earlier, while cash and cash equivalents rose to $5.4 billion from $3.6 billion in 2009, the company said.
(Bloomberg, Reuters)
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
