Russian palladium and platinum producer Nornickel is set to establish a platinum group metals (PGMs) refinery in Bahrain, as reported by Reuters. This development comes after a meeting between King Hamad bin Isa Al Khalifa of Bahrain and Russian President Vladimir Putin, where plans for the refinery were discussed.
Nornickel, which currently accounts for a significant portion of global palladium and platinum production, aims to further solidify its presence in the PGM market with this new project. Details such as the timeline for the refinery’s construction and its production capacity have not yet been revealed.
Despite the ongoing sanctions on Russia due to its military actions in Ukraine, Nornickel has managed to remain unaffected by direct sanctions. This move to establish a refinery in Bahrain could potentially open up new opportunities for the company in the PGM sector.
Nornickel currently produces PGM concentrates from its mines in Taimyr and the Kola Peninsula. These concentrates are processed at various refineries to produce standard ingots. In addition to PGMs, Nornickel is also involved in the production of other valuable metals like cobalt, copper, gold, and nickel.
In a strategic move last year, Nornickel offloaded its distribution company in the Americas to TMP Metals Group, signaling a shift in its business operations. The planned refinery in Bahrain marks a significant step for Nornickel as it looks to expand its presence in the global PGM market.
