Khudalov estimates potential 15–30% annual upside for Nornickel shares

Independent industrial expert Maxim Khudalov sees potential for Nornickel shares to rise 15–30% over a year, linking that scenario to copper demand from AI infrastructure and expectations of sanctions relief in an interview with Radio RBC.

Khudalov's assessment is a forecast, rather than an established future outcome. He said an improvement in the political environment could increase the upside. Sanctions relief was presented as an investor expectation, not an announced policy decision.

RBC's October 10 report said the shares had fallen almost 45% from their 2026 high and reached a low of 95.66 roubles. Following a partial recovery, the article cited prices of 115–116 roubles. These figures describe the market at the time of publication.

RBC attributed support for the shares to rouble weakness since September and approval of dividends. Nornickel separately confirms that shareholders approved an interim dividend for the first half of 2026 at their September 30 meeting.

The article identified a Finance Ministry proposal to tax additional mining and metals revenue as a risk: 30% for solid minerals and 20% for gold. It describes a proposal rather than a tax already in force.

Nornickel president Vladimir Potanin told RBC that changing tax conditions complicate investment planning. T-Investments lowered its share-price target to 121 roubles with a hold recommendation following the ministry's initiative. That analyst target is distinct from Khudalov's scenario.