NILSY mine floodsThis is a major operation. If these mines remain offline for any significant amount of time, there will be new upward pressure on metals prices for sure.
>>>Moscow, February 24, 2021 — Nornickel, the world’s largest producer of palladium and high-grade nickel and a major producer of platinum and copper has partially suspended its mines Oktyabrsky and Taimyrsky. On February 12, during tunnelling operations, natural groundwater inflow was detected at the 350 meters depth mark in the mine headwall at Oktyabrsky mine. Due to the increased water inflow to the drainage systems of the mine and in accordance with safety procedures and applicable law, the Company has partially suspended operations at the mine until flooding ceases. The waterlogging is currently being eliminated.