Russian platinum quits Arctic palladium project with Norilsk Nickel

US, WASHINGTON (ORDO NEWS) — Russian nickel-palladium giant Norilsk Nickel announced the withdrawal of Russian Platinum by Musa Bazhaev from their joint Arctic Palladium project.

Norilsk Nickel said on Friday that it had received the decision of Russian Platinum to terminate negotiations on the creation of a joint venture Arctic palladium and its intention to independently develop the Chernomorskoe and southern Norilsk-1 deposits.

“This decision was caused by the lack of necessary corporate approvals for the creation of a joint venture by one of the shareholders of Norilsk Nickel – UC Rusal,” said Norilsk Nickel.

The aluminum giant Rusal is the second largest shareholder of Norilsk Nickel with a share of 27.8% after businessman Vladimir Potanin, who owns 34.6%.

Norilsk Nickel, the world’s largest palladium producer, plans to reformat relations with Russian platinum, discusses support for Bazhaev projects, including potential market buyback of products that will be produced at the Chernomorskoe and southern Norilsk-1 deposits.

“Cooperation in this format will make it possible in a strategic perspective to provide the scarce platinoid market with the necessary volume of metals, despite the decrease in the project’s profitability directly for Norilsk Nickel,” the Norilsk Nickel said in a statement.

At the beginning of 2018, Russian platinum and Norilsk Nickel agreed to jointly develop platinum group deposits in Taimyr and create a joint venture with 50 to 50 shares.

In November last year, Norilsk Nickel announced that the Arctic Palladium feasibility study was completed, evaluating investments before launching the project for the first phase in 2024 at $ 2.8-3.2 billion.

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