MOSCOW, Jan 27 (PRIME) -- The board of directors of Russian metals giant Norilsk Nickel will study participation of its affiliate Norilsk Nickel (Cyprus) Limited in the Global Palladium Fund L.P. on February 1, the company said in a statement.
A spokesman for the company declined to comment until the board makes its decision.
In early 2015, Norilsk Nickel said it plans to create a palladium fund of up to 2.5 million ounces mainly using central bank reserves. The company planned to establish a special purpose vehicle with a capital of up to U.S. $2 billion, with the major part of financing coming from private investors and borrowed funds.
Previously, Norilsk Nickel’s President Vladimir Potanin said the regulator approved the sale of palladium to the company, but recently some media reported that the authority stopped talks with investors on the matter because the palladium price fell to its 5-year lows.
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