Norilsk Nickel sees 2012 platinum deficit Of 355,000 oz

Russian nickel and platinum producer OAO Norilsk Nickel (GMKN.RS) expects the global platinum market to shift from surplus to a deficit of 355,000 troy ounces in 2012 and even more in 2013 as demand growth is forecast to outstrip supply, said a senior company executive Tuesday.
An “increase in demand should push the market back into deficit, driving prices higher,” Roman Panov, Norilsk’s international assets director, told an audience at the Mining Indaba conference here.
He expects the platinum price could appreciate by as much as 15% and said that the deficit could grow to more than 500,000 ounces in 2013.
Panov also said that Norilsk Nickel has signed an agreement with South Africa’s natural resources and mineral department in order to develop platinum production in the country.
Copyright © 2012 Dow Jones Newswires

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Posted by admin on Feb 8 2012. Filed under Platinum. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry