Stillwater Mining Co, the American firm recently purchased by Russian giant Norilsk Nickel, has announced contracts to supply clients in China and South Korea with palladium.

Stillwater spokesman John Stark has said that the company remains in search of buyers for the 877,00 ounces of Russian palladium currently deposited in a London bank vault.

He added that he was hoping to purchase up to a million ounces of the metal from Norilsk, provided buyers can be found first.

'We hope to make some money. We hope to bring back some stability', he said.

Exact details of the Asian deal have not been announced, as palladium production numbers are state secrets in Russia, so it is not clear how much material is to be exported to the Pacific Rim.