Russian miner Norilsk Nickel is raising platinum and palladium output this year above the levels it previously forecast.

It is upping its 2006 production forecast for palladium to between 3.05 to 3.10 million ounces and platinum to 720,000 to 730,000oz.

It made the announcement as it released details of its platinum and palladium production for the second quarter of the year.

The Company produced 881,000oz of palladium and 215,000z of platinum during the second quarter of 2006.

Overall production volumes for the first half of 2006 reached 1.66 million ounces of palladium and 398,000oz of platinum.

These volumes are related only to the production results of the Polar Division and Kola mines and do not include those that were produced at its US subsidiary, Stillwater Mining.

Norilsk Nickel produces around half of the world's palladium.

Last month, the firm revealed that it intends to invest between $800 million and $1 billion annually on development in the next four years.

A senior figure from the firm also said that the company planned to invest $820 million during 2006, $205 million of which will go towards expanding production.

Ÿ Adfero Ltd