Russia To Become World’s Top Palladium Producer

After $15B ln Arctic Investment
Nornickel and Russian Palladium to invest in huge production plant in Arctic tundra.

(November  20,  2019- The Barents Observer)

Palladium is currently more expensive than gold after a significant price rise in recent years. Alexander Kolbasov / TASS

“It is a very good project,” President Vladimir Putin said Monday when met Musa Bazhaev, leader of metal firm Russian Platinum.

Bazhaev intends to produce 120 tonnes a year of palladium at the company’s two sites in the Taymyr Peninsula. Together with metallurgy and mining company Nornickel, Bazhaev’s Russian Platinum will invest $15 billion in the new Arctic Palladium joint venture.

The Arctic Palladium will develop resources located near the nickel fields of Nornickel. Ore reserves are estimated to 770 million tons and the production period stretches 55 years into the future, Bazhaev told Putin.