Norilsk Nickel recorded sales of 750,000 ounces of platinum and 3.22 million ounces of palladium in 2006 - helping the company to post a 154 per cent rise in annual profits to $5.965 billion.

The company's sales volumes for platinum represent a slight decline from last year when some 758 oz were sold.

However, owing to a 26 per cent increase in the price of platinum and the company selling its entire output, profit from the metal was up to $1.64 billion compared with last year's figure of $864 milllion.

Meanwhile, an even more marked rise in the price of palladium of 57 per cent meant that although sales remained largely unchanged from last year at 3.22 million ounces, profits accruing from sales were boosted to $1.265 billion from $914 million for 2005.

Other driving factors behind the company's improved performance were a five per cent growth in sales of nickel, the one-off sale of its South African interest Gold Fields for $993 million and tight cost controls.

News of the deal comes as Norilsk is expected to announce it has been successful in its bid for Canadian mining company LionOre Mining International, after the buyout target advised shareholders to accept the terms of the deal.

Source:
Norilsk Nickel Profits More Than Double
08/06/07
http://www.forbes.com/feeds/ap/2007/06/08/ap3802198.html

Norilsk profit up 154% on metals and one-off sale
08/06/07
http://www.mineweb.net/mineweb/view/mineweb/en/page504?oid=21995&sn=Detail





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