Russian metals giant Norilsk Nickel plans to develop projects to produce palladium to counter an expected deficit of the material, necessary for batteries production, on the market, CEO Vladimir Potanin announced.
“Electric car producers are worried about the future lack of palladium. The volume of the metal that we produce and sell is absolutely clear. There really will be a deficit of the material in the next few years,” he said.
The company could raise the output, but it is a matter of investment, he also said.
“The mining production cycle usually takes five to seven years from the idea of the project until the final product is made. We have several projects that we are starting this year – the Southern Cluster project and a joint venture with Russian Platinum. We are working with Musa Bazhayev on a new Arctic Palladium project, it is a large deposit,” he added.
Norilsk Nickel does not want to spark price volatility, but wants to ensure the market that the necessary amount of the metals will be produced and offered to the buyers, Potanin said. (Prime/Ukrainian metal)