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11

Russian President Revealed Platinum Secret

Vladimir Putin has signed a decree lifting the "state secret"

Russia?s President Vladimir Putin has signed a decree lifting the "state secret" status of platinum group metals and diamonds, which lifts restrictions on listing reserves, and production and exchange of PGMs, the Interfax news agency reported Thursday.

The restriction on information disclosure about PGMs and diamonds has long been a bugbear for global commodity markets, which have never had access to data on the supply of precious metals from one of world's largest exporters.

More particularly, the same restriction has been a deterrent to potential investors in mining giant OAO Norilsk Nickel, which has been unable to publish any meaningful information on platinum and palladium, which make up a substantial part of its revenue, profit and reserve base.

The lifting of restrictions on diamond secrecy will arguably also help the European Union monitor compliance with any anti-trust rulings it makes on the relationship between state diamond monopoly Alrosa Company, and Anglo-American unit De Beers & Co.