Russia’s Nornickel plans to build PGM refinery in Bahrain, source says

Russia’s Nornickel plans to build PGM refinery in Bahrain, source says


Russian metals giant Nornickel plans a joint project to build a platinum group metals refinery in Bahrain, a source familiar with the matter told Reuters on Thursday.

Nornickel is the world’s largest producer of palladium and a major producer of platinum, accounting for 41% and 12% of global mining production, respectively. Both metals are primarily used in vehicle exhaust to neutralize harmful engine emissions, and platinum is also used in jewelry.

The source did not provide the project schedule or the refinery’s production capacity.

King Hamad bin Isa Al Khalifa of Bahrain held talks with Russian President Vladimir Putin in the Kremlin on Thursday. In a comment to state television after the talks, Russian Deputy Prime Minister Alexander Novak said Nornickel plans to build “a platinum production plant” in Bahrain.

Novak did not provide additional details. Nornickel declined to comment.

Nornickel has not been a direct target of Western sanctions imposed on Moscow since

Russia attacked Ukraine

in 2022, but some of the Russian precious metals refiners, which also typically handle PGMs, were.

Great Britain, for example,


sanctions on Russia’s largest state refiner, Krastsvetmet, in November as London targeted Russia’s gold industry.

Sanctions imposed on Moscow over the past two years have damaged Nornickel’s logistics, regular trade flows, money transfers and purchases of imported equipment. The company, which also produces nickel and copper, has been


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