Russian Agency Confirms Renewal Of Pgm Supplies

Russian precious metals export agency Almazjuve-lirexport confirmed on Tuesday it had resumed long-delayed deliveries of platinum group metals to Japan, saying the first supplies left Russia on July 8.

"Deliveries were renewed on July 8, which is a little bit earlier than the July 10 we had discussed," Sergei Gorny, a deputy director at the agency, said. Almazjuvelirexport had said earlier that supplies would resume around July 10. Gorny declined to say how much platinum and palladium Russia would export this year.

Asked to comment on a report in the Kommersant Daily business newspaper that Russia would sell Japan only three tonnes of palladium this year, he said, "This figure is nonsense. We'll supply as much as the industry needs."

 

But he did say Almazjuvelirexport was for the first time not required to export volumes outlined in a government order. "There is a difference this year -- we have an amount that we may sell, not that we are required to sell," he said. "It's more flexible this year for us."