Platinum miner Norilsk Nickel is to get rid of a go-between in its export of platinum and pgms.

According to Russian newspaper Vedomosti, the country's ministry of finance is looking to abolish State Federal Enterprise Almazjuvelirexport's (Almaz) monopoly on the export of pgms, meaning that Norilsk will be free to attract export finance against its pgm exports.

An official at the ministry of finance has told the newspaper that the Russian Cabinet is now set to consider a document outlining amendments to the current law requiring all pgm exports to go through the state enterprise.

While the move should make Norilsk's operations somewhat easier to manage, analysts believe that the move will have very little impact on the company's financial position.

This is because Norilsk agreed a deal in 2002 with Almaz to the effect that the export commission would amount to one per cent, while sales are carried out by affiliate Norimet.

Last month, Norilsk announced a deal to buy back five per cent of its shares from shareholders as it looked to provide a cash injection into the firm.


Ÿ Adfero Ltd