Russia's first deputy finance minister, Alexei Ulyukayev, has stated that platinum output in the country jumped by 21 per cent in 2003, while palladium production increased by five per cent, though it is not clear whether these estimates refer to mine production or to total metal output from refineries, which could include some reprocessed material.

According to Reuters, the Prime-Tass news agency failed to provide further information on the output figures.

Information on platinum group metals remains secret in Russia, although a law relaxing legislation governing data disclosure was implemented this week.

However, President Vladimir Putin must first sign a decree amending the list of state secrets before this law becomes effective. It is unclear at this stage when this will happen.

Norilsk Nickel, the Russian metals company, is the world's largest producer of palladium and a major player in the platinum production market.

Experts yesterday predicted that Norilsk will sell around 2.65 million ounces of palladium through its American Stillwater firm during 2004 to help slow the rise in price of palladium.

Two other smaller platinum firms operate in the far east of the country.