The Arctic Palladium project in Russia’s Taimyr Peninsula is expected to turn Russia into the world’s top producer of platinum metals.
The platinum-group metals (PGMs) is a group of six metals: ruthenium, rhodium, palladium, osmium, iridium, and platinum.
The deposits bear almost five thousand tons of platinum group metals with a production potential of 120 tons per year. Production will be launched in 2024.
An increase in freight traffic along the Northern Sea Route will make Russia the world’s leader in the production of platinum-group metals, particularly palladium. The project will enable Russia to produce more than 50% of the world’s platinum group metals.
Arctic Palladium was agreed in 2018 between Russian Platinum and Norilsk Nickel. The project aims to develop mining projects in Siberia, which contains some of the world’s richest deposits of platinum and palladium.