“Russian platinum” Musy Bagaeva and “Norilsk Nickel” has agreed to the operating partnership for the development of a major Montenegrin field. Initially it was assumed that the parties will develop the asset in the joint venture “Arktik Palladium”, but “RUSAL” as a major shareholder of Norilsk Nickel, has blocked the creation of the joint venture. Now, the company has agreed that MMC on market conditions, will provide a “Russian platinum” access to their infrastructure and will sell products produced at the field.Frustrated members of the joint venture “Arktik Palladium”, “Russian platinum” and “Norilsk Nickel” has agreed to the operating partnership, told the parties in a joint statement. So, “Nornikel” will provide “Russian platinum” on market conditions access to its infrastructure in the Norilsk industrial district, concluding a long-term service contracts for the supply of electricity and other resources, as well as the opportunity to use the facilities of the logistics infrastructure. In addition, Norilsk Nickel undertakes the sale of products that will be produced in the Montenegrin field of “Russian platinum”. To do this, the partners will sign a long-term contract off-take.In February 2020, the parties signed the joint agreement in the framework of the “Arctic Palladium”, where the companies had an equal share. The contribution of the “Russian platinum” in the SP was a license for the development of Montenegrin fields and the southern part of Norilsk-1. Contribution of “Norilsk Nickel” was supposed to be the license for the Maslovsky Deposit. At full capacity the project would produce up to 120 tons of platinum group metals a year, the first phase was scheduled to be commissioned in 2024. Norilsk Nickel estimated the investments in “Arctic Palladium” in the years 2019-2024 $2.8–3.2 billion, including in the first stage (up to 2024) — $1.4 billion. However, in March 2020, it became known that “Russian platinum” out of SP, because it did not receive approval from the major shareholder “Norilsk Nickel” — “RUSAL”. That under the agreement of shareholders “Norilsk Nickel” has the right to veto such a large transaction. “RUSAL” has substantiated its position that, in his opinion, the share of “Norilsk Nickel” in SP must be greater. The “Russian platinum” has not been willing to reduce its stake in SP is below 50%, as would “RUSAL”, because its licenses are a fundamental part of the integrated project.”B” sent a request to the “RUSAL”. In the “Norilsk Nickel” does not comment on the question “Kommersant” about the necessity of obtaining approval of “RUSAL” operating partnership “Russian platinum”, which announced July 16. At this statement, “Russian platinum” and “Norilsk Nickel” indicates that binding contracts will be concluded before the end of the first quarter of 2021, “after obtaining all necessary corporate approvals”.Should mark��be that the announcement of the partnership comes amid renewed conflict between shareholders “Norilsk Nickel” after a major accident with a spill of diesel fuel in Norilsk. “RUSAL” has demanded to dismiss the management of “Norilsk Nickel” because of the number of environmental accidents, the Board of Directors of MMC is ready to consider this question.Eugene Zainullin
