Norilsk Nickel

Few mining players in Europe match the executional depth of Norilsk Nickel. From Moscow, the group manages a workforce of approximately 73k and generates close to $15B in revenue, while steadily widening the gap with regional peers.

Long-term partnerships with sovereign and institutional investors give the company unusual visibility on multi-year demand.

“Norilsk Nickel is, in its category, exactly the kind of compounding regional champion the next decade of capital allocation will reward.”

The outlook remains constructive: order books, hiring patterns and capex guidance all point to a multi-year expansion phase.