Gold price keeps its shine as other precious metals fade

Prices of palladium and rhodium have risen more than 30% this year.

The decision comes a month after a similar industry group, the London Bullion Market Association, suspended the accreditation of Russian refiners.

Palladium users with no existing contracts with the company have contacted it about potential alternative sources of the metal.

While Zimbabwe has the world’s third-biggest reserves of platinum-group metals, plus gold, diamond and chrome mines, development has been stymied by political instability.

The question of what happens to Russia’s metal exports is of vast consequence to global markets -- it’s a key supplier of palladium, nickel, aluminum, steel and copper.

While Zimbabwe has the world’s third-biggest reserves of platinum-group metals, development has been stymied by political instability.

The project, expected to start producing in two years, will produce 150,000 ounces a year of PGMs in concentrate in its first phase.

Negotiations for a three-year wage deal with producers are expected to start in the first week of April.

Nornickel's biggest shareholder, Vladimir Potanin, said the company had managed to secure alternative routes for its palladium deliveries.