The chief executive of Norilsk Nickel, Leonid Rozhetskin, has indicated that the firm will sell all of the metal it produces this year.

He made the announcement while attending the 7th Russian Economic Forum in London, according to Interfax.

Mr Rozhetskin also said that Norilsk, the world's largest nickel and palladium producer, was engaged in a pre-feasibility study for two titanium fields - one located on the Kola Peninsula and one in the Tambov region.

"However we are not thinking of buying any companies that produce titanium and we have not yet reached any decision on entering into the titanium business," he qualified.

Norilsk accounts for 18 per cent of world nickel production, over 50 per cent of palladium production, and 14 per cent of global platinum output.