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Norilsk Nickel, Russian Platinum look to set up top PGM producer

PJSC Norilsk Nickel Co. said Feb. 7 that it signed an agreement with Russian Platinum to forge a strategic partnership and establish a 50/50 joint venture, which will aim to become among the largest producers of platinum group metals, targeting annual PGM output of 70 to 100 tonnes.

The joint venture will develop disseminated ore deposits in the Norilsk industrial district in Russia. Norilsk Nickel will contribute the license for its Maslovskoe deposit and Russian Platinum will contribute the licenses for the South flank of the Norilsk-1 and Chernogorskoe deposits.

Subject to certain conditions, the joint venture is expected to be set up by the end of the year. The investment approval of the project parameters and timeline will be released after completing a feasibility study that is scheduled by the end of 2019.

Norilsk Nickel will provide the venture with access to its energy and transportation infrastructure within the industrial district. Project implementation is slated to start in 2020 and will be funded through project financing and other financial instruments.