Norilsk Nickel has announced that it will honour all its platinum and rhodium contracts despite the delay it suffered in securing export licences for this year.

The mining giant suffered a delay in securing the licences at the start of 2007 which had threatened to restrict the amount of platinum and rhodium it could supply over the course of the year.

However, Norilsk's Yury Kotlyar, a member of its management committee, has revealed: "The company is honouring all its obligations referring to long-term supply contracts with consumers."

However, the company is less certain about the supply of other platinum group metals (pgms), reports the Moscow Times.

While Norilsk has a quota agreement with the Russian government that runs until 2008, it has still not obtained licences to export other pgms such as ruthenium.

Mr Kotlyar claimed: "Some bureaucrats are complicating the situation and relations between Russian producers and major consumers of precious metals."

Sources:

Norilsk Says Will Honor Metal Deals
Tuesday, April 17, 2007
http://www.themoscowtimes.com/stories/2007/04/17/050.html

Ÿ Adfero Ltd