Russia's government will no longer have a monopoly over exports of PGMs after new legislation was agreed on Thursday (4th December), the Moscow Times reports.

President Dmitry Medvedev has approved alterations to a law on budget and tax policy which prevents Almazyuvelirexport from monopolising and charging fees on such exports.

Commenting on the news, Maria Uvarova, a spokeswoman for Norilsk Nickel - whose palladium and platinum reserves were a state secret until 2005 - explained that the company is satisfied with the ruling.

She said: "We're happy with the further liberalization of the platinum market. Platinum fits into our overall metal sales strategy and we don't foresee any issues arising from the changes."

Norilsk, which is the world's largest nickel producer and the largest copper producer in Russia, was forbidden permits to allow it to export platinum for four months last year.

The company also revealed on its website that it expects to produce between 73,992kg and 74,417kg of palladium in 2009, after announcing cuts to its foreign output last month over net profit concerns for next year.

Source:

Government Palladium Monopoly Ended (08/12/08)
http://www.moscowtimes.ru/article/1009/42/372961.htm