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. Last Updated: 07/27/2016

Norilsk Running Dry

LONDON -- The near depletion of palladium ore at key Russian producer Norilsk Nickel has driven the white metal's recent price surge, a Canadian mining firm said.

Seymour Schulich, chairman of Franco-Nevada Mining Corp. Ltd., told analysts at a London presentation last week that the company believed the Norilsk ore body was close to depletion.

"The main source, which is one of the ore bodies at Norilsk, is pretty well exhausted, and that is why you are not seeing palladium coming onto the market," Schulich said.