Norilsk Nickel to look for palladium on market

Norilsk Nickel hasn’t yet been able to convince the Central Bank to sell state stocks of palladium at low market prices, but doesn’t leave hope for the resumption of the negotiations. Norilsk Nickel still creates a fund of palladium, in which earlier it was supposed to invest $2 billion, and is ready to start from the purchase of the metal on the market. Palladium has the potential of the price growth, but a lot will depend on whether the metal will be able to press platinum in the consumption, experts say.

Cyprus subsidiary of Norilsk Nickel - Norilsk Nickel (Cyprus) Ltd - can participate in the fund Global Palladium Fund LP, this issue the Norilsk Nickel’s Board of Directors will consider on February 1. Norilsk Nickel declined to comment. It is about creating a fund of palladium, about which the owner of Interros (controls 30.3% of Norilsk Nickel) and general director of Norilsk Nickel Vladimir Potanin told in September 2014, say sources close to Norilsk Nickel and its shareholders. Then Mr. Potanin called the amount of the fund at $2 billion (at the rate of 38 rubles per dollar) and said that the negotiations on the purchase of metal were carried out primarily with the Central Bank.