The chairman of Stillwater Mining has confirmed that the company is on target to conclude its sale of the palladium it accrued through the Norilsk Nickel trade.

Speaking at the BMO Nesbitt Burns 2006 Global Resources Conference in Tampa, chairman and chief executive officer Francis McAllister said that the sale will be finalised during the current quarter.

Platts reported that Mr McAllister said at the conference the deal had made a "modest" profit as well as helping to provide vital cashflow.

US-based Stillwater will sell the remaining 110,000oz of Russian palladium, in a move that Mr McAllister predicts will have "an impact on the market".

Mr McAllister also believes that the growing popularity of palladium in the jewellery market, especially within China, will help to boost demand for the metal and total usage could rise to 1.8 million oz over the next 12 months.

Stillwater recently announced its 2005 figures which showed a net loss of $13.9 million as the company experienced higher operating costs and a fall in prices.


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