MOSCOW, Feb 2 (PRIME) -- Russian metals giant Norilsk Nickel will create the Global Palladium Fund L.P. investment fund with the financing limit of U.S. $200 million, the company said in a statement Tuesday.
The fund’s goal is to create a financial instrument to work with large owners of palladium reserves, to develop industrial demand for palladium, to decrease common volatility at the palladium market, and to cement Norilsk Nickel’s leading positions at the world market, the company said.
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, the company’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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