Friday, February 17, 2006

Norilsk Nickel reserves

I wanted to make a note of an item I say the other day in the Wall St. Journal (2/15/2006). There was a small company report on Norilsk Nickel that noted the company published, for the first time, estimates of its metal reserves at its home mine in northern Siberia. An "independant audit" as of Dec. 31 2004 showed total proven and probable reserves of 16 million oz. of platinum and 62 million oz. of palladium at the Norilsk-1 and Talnakhsky deposits.

Analyst Rob Edwards said the actual figures were about 10% lower than his estimates but still implied a mine life of 25 years or more. Norilsk's publishing of this data is said to have ended "decades of secrecy" surrounding these reserve amounts. Here is a link to a seperate source that carried this story.