The biggest producer of high-grade nickel and palladium in the world, Norilsk Nickel, has introduced a series of exchange-traded commodities (“ETCs”) that provide investors access to metals that are physically backed.
Norilsk Nickel has become the pioneer mining firm to introduce physically backed, exchange-traded products to the market. This comes after the company was forced to pay a $2.1 billion fine for an environmental disaster in 2020.
Global Palladium fund will be managing the firm’s first four ETCs, which will be issued by Ridgex. These four products will provide investors with access to gold for a 0.145% management fee and platinum, palladium and silver for a 0.2% fee each. The company is set to launch another two ETCs, with copper and nickel funds available at a fee of 0.85% and 0.75% respectively.
Norilsk stated that the company was strongly focused on ESG and was using only producers and suppliers that supported the Sustainable Development Goals by the UN. The company added that the ETCs would use blockchain to document bar information.
Following the hefty $2.1 billion fine it paid, Norilsk Nickel has tried to improve its environmental image. In addition, the firm also received public reproach from Russian President Vladimir Putin after a fuel spill occurred in May 2020, which resulted in 21,163 diesel metric tons flooding a power plant and the surrounding area.
Data from Util shows that all of the company’s $14 billion revenue negatively affects the world, with regard to goal 15, life on land, and goal 13, climate action, on the United Nations’ sustainable development goals.
Global Palladium Fund CEO Alexander Stoyanov stated that its way of digitalization of commodities would allow an individual to not only capture but also trace the underlying metals source and how they were produced, in addition to knowing their ESG credentials.
Stoyanov also observed that the Norilsk Nickel products the fund carried set a new standard for responsible mining as it fully endorsed the existing LBMA source of metal standards and the UN2030 charter. This, Stoyanov said, gave the company’s exchange-traded commodities platform a clear contrast and a leading position in the market.
Norilsk Nickel’s vice president of sales and distribution Anton Berlin then added that the exchange-traded commodities carried the advantages of financial assets with no limitations relating to the issuance of warrants or investing in London Metal Exchange deliverable metal. Berlin explained that the exchange-traded products provided investors with transaction fees and competitive cost of ownership.
Back in the United States, Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) continues to have a good run. As a matter of fact, the companyhas singlehandedly produced more than one-third of all the uranium produced within the country.
NOTE TO INVESTORS: The latest news and updates relating to Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) are available in the company’s newsroom at http://ibn.fm/UUUU
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