N e w s

Russian State Treasury (GOKHRAN) intends to present a new decree on regulation of PGM export in 2002, for the Government's approval next week. This was announced by Vladimir Rybkin, the Deputy Head of Russian State Treasury. The volume quotes on platinum group metals in 2002 remained at the same level as in 2001.

Together with the PGM decree there will be another legislative act presented to the Government regarding the regulation of gemstones export . The quote on platinum export will be granted to several PGM mining companies such as "Kariaggeoldobycha" and "Amur", as well as Centrebank of Russia and GOKHRAN itself. "Almazuvelirexport" will also be granted a quote for all producers of secondary materials and Norilsk Nickel will get a long-term quote valid for the period of 5 years. Note that Norilsk Nickel already holds 10-year quote on export of palladium since 1999. However, the issue of such long-term permits for other PGM producers is not possible yet.