Arktik Palladiy, a joint venture (JV) between Norilsk Nickel and Russian Platinum, will gradually raise its production to 120 tons of platinum group metals per year, making it the world’s top producer, President of Russian Platinum Musa Bazhayev said at a meeting of the Russian-Saudi economic council.
“We expect to get the first product in 2024 already. Production will gradually grow to exceed 120 tons of platinum group metals per year, which will account for about a fourth of the current global volume and will take our joint venture to the position of the top world’s producer,” Bazhayev said.
The project is financed by VTB. The Russian Direct Investment Fund (RDIF) is considering investing as well, the official said. (Prime/Ukrainian metal)