Russian nickel and palladium mining and smelting company Nornickel has divested its exclusive distribution company for nickel, platinum group metals and cobalt in the Americas to TMP Metals Group in an all-cash transaction.

A wholly owned subsidiary of global investment and holding company TMP Holdings, TMP Metals Group is engaged in refining, distributing and tokenising nickel and platinum group metals.

With the acquisition of Norilsk Nickel USA, TMP Metals is expected to become one of the leading suppliers of metals and metal products in Latin America, North America and South America.

The financial terms of the deal were undisclosed.

Nornickel sales and distribution vice-president Anton Berlin said: “We see this transaction as an opportunity to optimise our global distribution business and at the same time help establish a more sustainable stream of low-carbon nickel and palladium to industrial consumers throughout the region.”

TMP Holdings founder and chairman Raymond Staples said: “This is an exciting time to be an essential provider of critical metals for the new economy.

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“Nickel, platinum and palladium are key components in the manufacturing of EVs [electric vehicles], solar panels and wind turbines, among others. In order to decarbonise the planet, the market needs to produce more than four-times the current supply.”

Last year, Nornickel partnered with state-owned company Rosatom to develop a lithium deposit in the north-western Murmansk region.

The companies agreed to cooperate in joint projects including the development of the Kolmozerskoye lithium deposit and further deep processing of lithium raw materials.