Rising to the Challenge

2015 ranks among the most challenging years in the history of the Company. Across the industry, nickel producers have battled extremely low nickel prices, with approximately half the industry under negative cash flow pressure. Such prolonged low prices, relative to industry costs, have not been seen since the 1990s. At the same time, stakeholder expectations are increasingly dynamic, with a range of regulatory developments affecting our operations.

At every instant, we have risen to this challenge.

We have responded to the extremely low nickel prices by significantly reducing our costs.

At the same time, we have exceeded last year’s record high production, reaching a new record of 81,177 tonnes of nickel in matte.

Through all this , we have maintained commitment to our values. We continue to be recognized as a leader in sustainable nickel production.

We would like to thank the board of commissioners, employees, shareholders, our operating sites, the central and regional governments and all parties that helped support us during the challenges of 2015.”

Nico Kanter

In this way, despite the many difficulties faced, we still celebrate 2015 as a year of resilience and excellence. In rising to the challenge, we are ready for whatever the future may bring, be it continued pressure or improved market conditions.

Rising to the Challenge