Norilsk Nickel wants to purchase palladium from the Bank of Russia

Norilsk Nickel along with investors and consumers of palladium are ready to purchase the reserves of this metal from the Central Bank for $2 bln. Norilsk Nickel forecasts the growth of the palladium deficit in the market by 2016 to 1.4 mln ounces and thinks the deal will help to provide the warranties of supplies to consumers. Analysts consider it to be an attempt to control metal prices which have been growing since spring on the background of the strikes in the South African Republic and the fear of investors connected with the Western sanctions on Russia.

Norilsk Nickel is negotiating with the Bank of Russia on palladium purchase from the bank reserves for the amount of up to $2 bln to guarantee the metal supplies to consumers,the CEO of Norilsk Nickel and head of Interros (holds 30.3% in the company), V. Potanin said. According to him, Bank of America Merrill Lynch is ready to finance the deal. A pool of private investors might participate in it. It is about the purchase of palladium (for money or in exchange for platinum) as well as connected with its tools, the businessman said. According to him, it depends on the time when the Central Bank is ready.