Russia’s Norilsk Nickel said on Friday that Russian Platinum, its partner in an Arctic palladium project, had withdrawn from talks on creating the joint venture due to a lack of approval from Rusal, one of Nornickel’s shareholders.
Nornickel is the world’s largest producer of palladium, which along with its sister metal, platinum, has been hit hard by the coronavirus pandemic and its expected economic fallout. Palladium has plunged by 45% from February highs as some investors dumped the precious metal for cash.
Aluminium producer Rusal, which holds 27.8% in Nornickel, has not issued corporate approvals for the miner to participate in the joint venture, Nornickel said in a statement.