New legislation was confirmed in Russia on Friday (21st November) which means that the state will no longer have a monopoly on platinum exports.

Under the current regulations, any Russian firm intending to export platinum and PGM must do so in accordance with the state-owned Almazjuvelirexport trade association.

However, at the second and third reading, the country's lower house of parliament, the State Durma, determined that this approach breaks anti-monopoly laws and contradicts the existing global exchange trade system.

The news comes after it was confirmed last week that major platinum deposits are being developed in Russia for the first time since the former Soviet Union era.

In particular, it was reported that the Kievei field deposit on the Kola Peninsula in the north contains around 250 tonnes of reserves.

The future of Almazjivelirexport remains unclear, but if it is liquidated, state control over platinum exports will continue under the current tariff regulation system, export licensing procedures and state and customs control.

Meanwhile, Russian firm Norilsk Nickel, the world's largest nickel miner, confirmed last week that it is axing its 2008 dividend and may also sell metal to the state to maintain production.

The company has had a turbulent year, seeing its share price tumble by almost three-quarters since May amidst falling commodity prices, while shareholder disagreements over its management structure rumble on.

Chief Executive Vladimir Strzhalkovsky confirmed on Thursday that Norilsk will be having a board meeting in December to decide whether it will cut its output at mines in countries such as South Africa, Australia, Finland and Botswana.

"We will not, of course, sustain production that is making big losses," he said.



Source:

Russia abolishes state monopoly on platinum exports (21/11/08)
http://en.rian.ru/russia/20081121/118449255.html

UPDATE 2-Norilsk scraps '08 dividend, may cut foreign output (20/11/08)
http://www.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUSLK23188520081120?sp=true