Koryakgeoldobycha Got Quota on Platinum Export

Koryakgeoldobycha Got Quota on Platinum Export

Koryakgeoldobycha got quota on platinum export and intends to sign a contract with "Almazjuvelriexport", Vice-President of the company Nikolai Kozin informed. Almazjuvelirexport is an exclusive state precious metals exporting agent. Government decree on quotas for platinoids exporting was signed at the beginning of March.

In 2000 Koryakgeoldobycha exported a share of produced platinum through Vneshtorgbank, in 1999 - through RAO Norilsky Nickel. According to Kozin getting a quota is very positive for the company and is extremely profitable. It will also prevent CBR "dictatorship" when company was forced to sell platinum at -12% by London Fix while duties on metal exporting are 6.5%. Minus profit was $3.45 mln. Having quota enterprise hopes to trade metal at a price 4-5% higher.

Koryakgeoldobycha is the second biggest platinum producer after Norilsky Nickel and produces 30% of total Russian platinum volume. Year production volume is estimated at 3-4 t of platinum.