Extraction · Russia
Nornickel
GMKN RU Work there, own it, buy from it ↓
Nickel and PGM mining — holds How this is computedCount of bottlenecks on which this organisation is recorded as a producer, a holder of the capacity, or a supplier of a critical part.Method →Code → of the How this is computedCount of rows in the bottleneck corpus: every material plus every non-material chokepoint.Method →Code → bottlenecks tracked here.
Why graded so · Material share of world PGM and nickel, with sanctions risk layered on top of geology.
Role cited from nornickel.com ↗. The grade is this project’s judgement. Report an error
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01Chokepoints it holds
- Ruthenium, sputtering and ALD gradeEstimate by Substrata, 2026-09-15: concentration 3 + substitution 2 + lead time 3 + inelasticity 2 = 10 of 12. A by-product of South African and Russian PGM mining, so supply cannot answer demand. Ruthenium interconnect at leading nodes is the demand shock.Estimate, not a measurementconcentration 3 + substitution 2 + lead time 3 + inelasticity 2 = 10 of 12. A by-product of South African and Russian PGM mining, so supply cannot answer demand. Ruthenium interconnect at leading nodes is the demand shock.By Substrata · 2026-09-15Supporting source →/123+2+3+2
Mine / extract · Within two years
Other makers: Sibanye-Stillwater ZA, Impala Platinum ZA, Heraeus DE, Johnson Matthey GB, Umicore BE, Furuya Metal JP, Tanaka Kikinzoku JP
Score = concentration + substitution + lead time + inelasticity, each 0–3, an analyst judgement dated 2026-09-15; open a score for its rationale and assessment. Makers are those the corpus records, not the whole market. No market-share figure is sourced, so none is shown.
02What has happened
About what it holds, not naming Nornickel
- 2026-09-14Ruthenium, sputtering and ALD grade
The EU updates its dual-use control list to add atomic layer deposition equipment for molybdenum and ruthenium. policy.trade.ec.europa.eu ↗
03Unread leads
Ruthenium price records steep rise tradium.com ↗
Ruthenium Targets Surpasses 2K Unit Delivery en.vitalchem.com ↗
5 Reasons Ruthenium Crisis Will Increase Salt Cell Costs cpoclass.com ↗
2026 Update of the EU Control List of Dual-Use Items policy.trade.ec.europa.eu ↗
Pages the sweep found on these chokepoints. Nobody here has read them yet; they are not events and not evidence.
04Others at the same step of the chain
- The Quartz CorpHigh-purity quartz sandChokepoint
- SibelcoHigh-purity quartz sandChokepoint
- Sibanye-StillwaterPGM mining incl. rutheniumConcentrated
- Impala PlatinumPGM miningConcentrated
- MP MaterialsRare-earth oreConcentrated
- Lynas Rare EarthsRare-earth mining and separationConcentrated
- Yunnan TinTin mining and smeltingConcentrated
- MinsurTin mining and smeltingCompetitive
- PT TimahTin mining and smeltingCompetitive
- QatarEnergyHelium from LNGConcentrated
- ExxonMobilHelium from natural gasConcentrated
05Ways to take part
Not investment advice. This says how the public can reach a company — a job, its shares, its products — not whether anyone should. It takes no account of anyone’s circumstances, and a company holding a chokepoint is not a reason to own it. What this is not
- Work there
- It publishes its roles on its own careers page.Official careers page ↗
- Own part of it
- Its shares trade publicly as GMKN RU, bought and sold through a broker that reaches that exchange.GMKN RU listing record ↗
- Buy from it
- What it does in the chain: Nickel and PGM mining. At this depth of the chain most sales are to other businesses, under contract. Its own page describes what it offers.Its own page ↗
06Hiring
Its roles are published on its own site, which Substrata links rather than reads. Official careers page ↗
07What this holds up
- Siliconone turn: Months
makes Ruthenium, sputtering and ALD grade, which gates it.
Worst judgement on this loop: How this is computedThe highest severity score among the bottlenecks recorded as gates on the loop.Method →Code →, judged 2026-09-15 · this join is sourced
- Materials qualificationone turn: Years
makes Ruthenium, sputtering and ALD grade, which gates it.
Worst judgement on this loop: How this is computedThe highest severity score among the bottlenecks recorded as gates on the loop.Method →Code →, judged 2026-09-15 · this join is sourced
A loop is one design, build and measure turn. Severity is a dated judgement on a 0–12 scale, not a measurement, and the judgements are not added together — the figure shown is the worst single one.
08Sources
- nornickel.com ↗ — its role in the chain: Nickel and PGM mining
- nornickel.com ↗ — Ruthenium, sputtering and ALD grade: mine / extract
Discussion
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