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Gold/Mining/Energy : North American Palladium(AMEX:PAL)- PGM Producer

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To: Sleeper who wrote (490)	2/25/2000 11:12:00 AM
From: Ptaskmaster	Read Replies (1) of 976

Bruce and Sleeper: Two Russian palladium export policies?- _________________ Russian palladium producer worried over export delays Source: BBC Monitoring Former Soviet Union - Economic "Moscow, 23rd February: Arctic mining and smelting giant Norilsk Nickel has expressed its concern over the policy of the Russian leadership, which has for the third month running withheld exports of palladium from the state reserves. ----snip---- "Meanwhile, a highly placed official party to the quota allocation process has told Interfax that he did not understand what Norilsk Nickel was so worried about. 'Norilsk Nickel is a private company with a 10-year quota to export palladium and nobody is stopping the company from raking in the profits from sky-high prices on the world market,' the source said, adding that 'the state has the right to conduct its own policy in this area, too'. " 'There are no ideological barriers to signing the documents to export Russian platinum and palladium. However it is vital that all documents be legally letter perfect and the government and presidential staff are now appraising the documents. Also, the state must formulate a precise, clear policy on supplies to the world market - when they start, how big the consignments will be and so on - so as not to bring the high prices crashing down.'" Text of report in English by Russian news agency Interfax, full text at kitco.com _____________________ So the state lets the private company, Norilsk, sell its current production into the market. Norilsk is "not in a position to meet all demand for the metal by itself," indicating depletion of geological resources and/or mining inefficiencies, thus prices rise. This gives the State additional options in the use of its remaining stockpile(s). Ptask

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