Russian precious metals company Norilsk has announced that Norilsk Nickel has clinched a long-term contract with GM to supply the company with palladium, platinum and rhodium.
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The company described the contract, which was signed by its fully owned London-based subsidiary Norimet Ltd., as “the embodiment of [our] strategy of entering into direct agreements with end users of precious metals.”
A GM spokesman told The Moscow Times that as the world’s No. 1 palladium supplier, Norilsk “will be able to support our global business.”
The newspaper notes that platinum deals have been rarely publicised since production data was classified in Russia as a state secret in 1996.
This is only the second contract Norilsk Nickel has won since it was issued a license to sell platinum group metals, or PGMs, in April. The other was with Japanese car manufacturer Mitsubishi.
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By GlobalDataThe PGMs are an important component used in catalytic converters.
The Moscow Times adds that analysts believe the contract to be a goodwill gesture by GM and say the contract itself is unlikely to be large.
