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Russia will not stop its export of palladium, but its supply will be limited

February 06, 2012, 15:49 UTC+3
"Norilsk Nickel" considers the possibility of suspending palladium's exports
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MOSCOW, February 6. (ITAR-TASS)Russia will not stop exporting palladium, but its supplies will be limited, said Anton Berlin, director of the marketing department of "Norilsk Nickel" to the reporters. He explained that the production of palladium by "Norilsk Nickel" continues, but that "consumption (in Russia) is not so widespread, so for the most part the metal continues to be exported." "Probably it would be right to discuss the suspension of the its exports from the government's reserves," - he said.

According to Berlin, the decline in exports is caused by the fact that its supplies from the Russian Federation are "limited by the production of our company."  "Therefore, the total combined volume is definitely lower," - he said.

"Norilsk Nickel's" marketing director did not rule out the possibility of having a deficit of palladium on the world market, which is determined not by reserves, but by the production capacity. He attributes this to the long investment cycle in the mining industry. "In order to run the mine, you need a minimum of 7 years, but in real life more like 10-15 years. Because it lies under the ground at a depth of 2 km, it can not be supplied to the market, - said Berlin. - First, it must be extracted , then prosessed, metal should be produced, and this takes years and and billions in investment. "

Berlin said that currently "Norilsk Nickel" is the largest producer of palladium in the world, Russia accounts for about 40 percent of the world's production of this metal.

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