Hi Ptask,
here is some interesting material (April 1996; so its a bit dated) concerning production of PGMs from Russia.
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Russia
(122) Russia accounted for 23 % of global platinum supplies in 1995. However, in 1995 Johnson Matthey indicates that only about 13 of the 23 percentage points were supplied from production, whereas about 10 percentage points or about 500 000 ounces were supplied from stocks. The Russian Government controls Russian exports of precious metals through its Committee for Precious Metals and Stones and its sales agency, Almaz.
(123) According to Johnson Matthey in Platinum 1995 Russian production of platinum peaked in the late 1980s. In addition they report that the political changes in Russia have led to falling output for, among other reasons, a lack of essential investments and because PGM grades have fallen as the ore rich in sulphide has increasingly been mined out. Therefore the Russian mines cannot provide competition through expansion in the foreseeable future.
(124) In principle it would be possible for Western companies to invest in Russian PGM production. However,
as explained below, this is unlikely (see Section VII B.3). It would therefore appear that the Russian ability to
compete in the platinum market will decline in the coming years.
(125) The parties have submitted that the Russian mine at Noril'sk will increase annual production to 1 million
ounces within the next five years: this is a level of production never before achieved according to The platinum
group metals - a global perspective by C. F. Vermaak. According to the parties, in order to achieve this
production substantial investment of US $ 1 to US õ 2 billion is necessary which may be forthcoming in the next
four to five years. The parties further claim that commitments to attract these funds (within the next two years) have been made by Uneximbank and EBRD. However, contrary to what has been indicated, the EBRD is not offering finance. Given the length of the investment horizon and the likelihood of raising these monies it is highly unlikely that the Russians will be able to reach past production levels (or surpass those levels, as suggested by
the parties), for the next five years. |
