Norilsk Nickel to create palladium fund with limit of up to $200 million

Norilsk Nickel has decided to create an investment fund Global Palladium Fund L.P. with limit of its funding by the company in the amount of up to $200 million, Norilsk Nickel reports.

Early last year, Norilsk Nickel announced plans to establish such fund to the amount of up to 2.5 million ounces primarily from reserves of the Central Bank. In particular, it was informed about the plans to establish SPV (special purpose company) with capital of up to $2 billion, the bulk of which will be financed by private investors and borrowed funds. It was noted that the contribution of Norilsk Nickel could be about $200 million.