Analysts don't think that temporarily absence of license will materially affect the company of Vladimir Potanin.
Photo: Dmitry Dukhanin
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GMK Norilsk Nickel Unable to Export Platinum
GMK Norilsk Nickel officially confirmed yesterday the problems with platinum exports. In Norilsk Nickel, they said they stopped exporting platinum early this year, as Russia’s Economic Development Ministry didn’t extend the license of state intermediary, Almazyuvelirexport.
The world fourth platinum producer, GMK Norilsk Nickel has officially acknowledged difficulties with platinum exports. The license of state intermediary for precious metal exports, Almazyuvelirexport, expired in December 2006 and Economic Development Ministry hasn’t provided a new license yet.
Economic Development Ministry and Almazyuvelirexport declined to comment yesterday. Norilsk Nickel blames the delay on some “technical malfunction created by changes in procedures for precious metal exports.”
The matter at stake is abolishing quotas on precious metal sales from 2007. Earlier, those quotas were used when issuing licenses. The novelty hasn’t become drastic for palladium exports of Norilsk Nickel or diamond exports of ALROSA, as the respective licenses of Almazyuvelirexport haven’t expired.
So, Norilsk Nickel is buying platinum on the market to execute current contracts with partners. The loss of the company won’t be material, the analysts forecast. Platinum accounts for no more than 10 percent of its aggregate revenues.
www.kommersant.com
All the Article in Russian as of Apr. 17, 2007
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