March 4, 2005
Bloomberg, AP
Moscow Times
President Vladimir Putin signed a decree Thursday declassifying information on reserves and production of platinum and diamonds -- opening the way for Russia's biggest mining companies to list their shares on Western exchanges.
The move is likely to reassure global commodities markets, which have never had reliable information on the supply of platinum group metals and diamonds from Russia, one of the largest exporters of precious metals in the world.
The figures were classified as state secrets under Soviet-era laws because the materials were used in the defense industry.
The decree signed Thursday enact changes to a law approved in 2003 that never took affect, the Kremlin said in a statement.
Norilsk Nickel, Russia's dominant producer of platinum and palladium, has urged the government to end export limits and declassify data on precious metals and stones to help create stable prices, making it easier for the company to borrow abroad.
Norilsk produces half the world's palladium and 14 percent of its platinum.
The metals are used in the electronics industry and to make catalytic converters to clean car exhaust fumes, as well as in jewelry and dentistry.
With the new information the European Union will be in a position to monitor relationships between state diamond monopoly Alrosa and Anglo-American unit De Beers for antitrust violations.
The EU has yet to give the go-ahead to an agreement limiting the volume of raw diamonds Alrosa supplies to De Beers.
http://www.themoscowtimes.com/stories/2005/03/04/047.html