MMC Norilsk Nickel, Russia’s biggest miner, now earns almost half of its revenue in Asia while sales in Europe tumble, further evidence of a shift in global commodity flows amid the country’s war in Ukraine.
In the first three months of 2023, Asia accounted for 45% of the company’s revenue, while Europe — traditionally its largest market — fell to 24%, it said in a presentation. The figures were 31% and 47% respectively last year, when the miner had annual contracts that were signed before Russia’s invasion.
Investegate announcements from MMC Norilsk Nickel, THE BANK OF NEW YORK MELLON NOTIFIED OF THE TERMINATION OF THE DEPOSIT AGREEMENT FOR NORNICKEL’S ADR PROGRAM