Norilsk's platinum and palladium output rises in Q3

Norilsk Nickel revealed on Friday (30th October) that its platinum and palladium production both increased on a year on-year basis during the third quarter of 2009.
Platinum output was 173,000 oz, compared to 157,000 oz for the equivalent period 12 months earlier, while production of palladium rose from 686,000 oz to 704,000 oz.

The company saw platinum production decline from 495,000 oz to 488,000 oz in the first nine months of the year, with palladium output down from 2.124 million ounces to 2.059 million ounces.

However, the world's largest nickel and palladium producer also confirmed that it has upped its full-year output targets for both metals from estimates made earlier this year, proving that in fact the purchase of platinum jewellery is on the increase.

It now expects palladium production to be 2.850 million ounces (up from 2.685-2.71 million ounces), while palladium output is predicted to be 668,000 oz, rather than 615,000-640,000 oz. This boost in platinum production will consequently feed more of this precious metal into the industry, and have a particular impact on the platinum jewellery trade. Businesses such as the Platinum Ring Company will benefit from this rise in production, and will be able to provide consumers with a more extensive collection of platinum rings and platinum wedding rings.