There is growing speculation that Russia will choose not to approve any platinum licences for the new year.

According to the Moscow Times, there is a growing fear in the platinum industry that the world's second largest producer of the precious metal may choose not to issue any mining licences in 2008, which would therefore severely restrict exports of platinum group metals (pgms) from the country.

A Societe Generale report earlier this month predicted that platinum output in Russia would remain at 980,000 oz during 2008, at the same level as 2007.

However, overall platinum production across the world is expected to increase during 2008 as demand for the precious metal continues to grow.

At the beginning of 2007, it was many months before the Russian authorities finally arranged licences for the export of platinum and palladium, something which nearly had a negative impact on Norilsk Nickel's performance during the year.

Source:

Platinum at Record on License Fear, 18/12/07
http://www.themoscowtimes.com/stories/2007/12/18/049.html

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