Norilsk Nickel has raised its forecast for the production of palladium due to upgrades at its main precious metals refinery.

JSC Krastsvetmet will produce an additional 19,500 oz of refined platinum group metals (pgm) from concentrates because of increased recovery rates and a reduction in production time for refining the metals.

"Taking into account the new concentrate processing terms, Norilsk Nickel increases its 2008 palladium production guidance from the previously announced 3.00 to 3.05 million ounces to 3.02-3.07 million ounces," a statement from the firm said.

Denis Morozov, MMC Norilsk Nickel General Director, was delighted with advances at the new mine and said: "We are happy to achieve progress and new results in our strategic partnership with JSC 'Krastsvetmet'.

"Our successful cooperation not only continues to ensure prosperity and sustainability of both companies, but also benefits the whole Krasnoyarsk region," he added.

Sources:

Russia's Norilsk raises 2008 palladium output forecast, 14/02/08
http://www.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUSL1436040920080214

MMC Norilsk Nickel achieves progress in it partnership with JSC "Gulidov Krasnoyarsk Non-Ferrous Metals, 14/02/08
http://www.nornik.ru/en/press/news/2250/

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