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Keeping up with the Russians: head of UK army wants more money

By: Reuters     22nd January 2018 Britain must ensure its armed forces can keep up with adversaries like Russia, which already has military capabilities the United Kingdom would struggle to match, according to the head of the British army. The comments from Chief of the General Staff Nick Carter, due to be delivered in a speech... 

Russia's Arlan aims to have doubled gold output in 2020

By: Reuters     12th January 2018 Russian gold producer Arlan plans to have doubled gold output from its mine in 2020, expecting the price for the precious metal to rise further, the firm's director for development said. Russia, the world's third largest gold producer, has seen its gold mining expand in recent years with a... 

Rosneft decides against bid for Alrosa's gas assets for now

By: Reuters     10th January 2018 Rosneft has decided against bidding for gas assets being sold by diamond miner Alrosa, at least for now, the Russian energy company said on Wednesday, saying the auction terms were unacceptable. The world's largest producer of rough diamonds plans to sell its gas assets in Russia's Yamalo-Nenets... 

BlackRock-backed gold miner prepares to join rush of Russia IPOs

By: Bloomberg     10th January 2018 GV Gold, a Russian miner backed by BlackRock, plans an initial public offering (IPO) in Moscow this year after first doubling its output in a possible acquisition, according to the miner’s chief. “Our shareholders want an IPO to get a market valuation of the business and have their holdings... 

Renova sells its stake in Russian gold miner Petropavlovsk

By: Reuters     27th December 2017 Russian billionaire Viktor Vekselberg's Renova Group has sold its stake in Russian gold producer Petropavlovsk, Renova spokesperson Andrey Shtorkh told Reuters on Wednesday. "The deal is closed, we are not disclosing the details," Shtorkh said. He declined to disclose the price of the deal and... 

Rigging the nuclear outcome?

By: Saliem Fakir     15th December 2017 At the time of writing, it appeared nuclear would be ramped through before the African National Congress elective conference, which starts on December 16. New Energy Minister David Mahlobo says we need nuclear. There have been a lot of platitudes about jobs and industrialisation, and that nuclear... 

Rosneft says EU sanctions aim to favour rivals

By: Reuters     13th December 2017 Russian energy group Rosneft told the Luxembourg-based European General Court on Wednesday that European Union sanctions on Russia aimed to undermine its position on global energy markets and favoured its competitors. State-controlled Rosneft is challenging the EU sanctions, imposed in 2014 and... 

Russia's 51-ct diamond named for Romanovs fails to sell

By: Bloomberg     1st December 2017 The most expensive diamond ever polished in Russia, named Dynasty after the Romanov-era Imperial Court, failed to sell in an auction. Alrosa said it didn’t receive a high enough offer for the 51.4-carat gem in a November 29 online auction. The stone has the best so-called triple excellence... 

Higher coal prices help Russia's Mechel swing to Q3 net profit

By: Reuters     28th November 2017 Russian coal and steel producer Mechel said on Tuesday higher prices for its products had helped it swing into a net profit in the third quarter after a loss a year earlier. Higher coal prices has been supporting Mechel, which borrowed heavily before Russia’s economic crisis took hold in 2014... 

Russian billionaire charged in France with money laundering

By: Bloomberg     23rd November 2017 Suleiman Kerimov, a Russian billionaire and senator, was charged with laundering gains from tax evasion in Nice and prohibited from leaving the region. Kerimov, whose family controls Russia’s biggest gold producer, Polyus PJSC, is required to surrender his passport and post €5-million bail, Nice... 

Metals billionaire to win whether electric cars boom or bust

By: Bloomberg     22nd November 2017 There are two major reasons mining billionaire Vladimir Potanin is within a hair’s breadth of regaining his ranking as Russia’s richest tycoon this year. One is higher prices for nickel used in batteries as metals traders bet electric vehicles are the future of transportation. The other is a... 

Alrosa Q3 net profit halves on losses from flooded mine

By: Reuters     17th November 2017 Alrosa, the world's largest producer of rough diamonds, said third-quarter net profit has halved to 12.95-billion roubles from the year-ago period, caused by losses related to a flooded underground mine. The company said it incurred losses worth 7.38-billion roubles from the flooded mine Mir. 

Highland Gold appoints COO

By: Creamer Media Reporter      9th November 2017 Russian gold miner Highland Gold has appointed Anton Kim as first deputy CEO of its Moscow-based management company, Russdragmet. He will serve as Highland Gold’s COO and will be responsible for overseeing day-to-day operations at the company's production and development assets. 

Brent oil holds near two-year high as Saudi Prince backs Opec cuts

By: Bloomberg     27th October 2017 Brent oil held gains near the highest level in more than two years as Saudi Arabia’s Crown Prince Mohammed bin Salman backed the extension of Opec-led output cuts. Futures were little changed near $60 a barrel in London, up 2.6% for the week. The prince said Thursday that “of course” he wanted to... 

Obama administration's decision on uranium sale probed by House

By: Bloomberg     25th October 2017 US House committees are investigating why former President Barack Obama’s administration allowed a Russian-backed company to purchase American uranium mines in 2010. The House Intelligence and Oversight panels will look into the matter, Devin Nunes, a California Republican who is chairperson of... 

Russian nuclear group signs MoU with local young nuclear professionals association

By: Keith Campbell     13th October 2017 A subsidiary of Russia’s State-owned nuclear group Rosatom has signed a Memorandum of Understanding (MoU) with the South African Young Nuclear Professionals Society (SAYNPS) at the recent SAYNPS Nuclear Youth Summit 2017. The subsidiary concerned is Rusatom International Network (Rusatom being... 

Open Mineral Exchange revolutionises commodity trading through innovative online platform 

By: Henry Lazenby     4th October 2017 A group of former traders at commodity giant Glencore has created an innovative new cloud-based mineral exchange to make it easier for producers and users to trade physical commodities – cutting out the often costly middle man. “We are reinventing the industry,” Open Mineral Exchange (OME) COO... 

Otkritie bank gets stake in Polymetal

By: Reuters     3rd October 2017 Russia's Otkritie bank has become a shareholder in Russian gold and silver producer Polymetal, the bank's MD Alexander Dmitriev said on Tuesday. The bank owns 7.56% in Polymetal and has no plans to sell the stake, Dmitriev added. He did not elaborate on how the bank had become a shareholder of... 

Glasenberg emerges from Rosneft flip with oil deal and medal

By: Bloomberg     12th September 2017 Nine months after surprising the world with an $11-billion venture to buy a stake in Russia’s state oil company, Glencore is selling most of it and emerging from the deal with a valuable crude supply contract and political ties in Moscow burnished. The companies announced on Friday that the... 

Russia plans gem reform to compete with India's million workers

By: Bloomberg     6th September 2017 Russia wants its biggest diamond miner to work more closely with the country’s top gem cutters so the industry can better compete in a market that’s dominated by Indian manufacturers. As part of a plan to boost the competitiveness of Russian diamonds, the government wants  Alrosa PJSC to offer... 

Rusal says prices second tranche of its Panda bonds

By: Reuters     1st September 2017 Russian aluminium giant Rusal said on Friday the second tranche of its Panda bonds with the principal of 500-million yuan had been priced, with a tenor of 2+1 years and a coupon rate of 5.5% per year. The proposed offering of the Panda bonds is expected to be completed before Sept. 5, 2017, the... 

Strong financials keep Polyus on track to meet production guidance

By: Samantha Herbst     14th August 2017 Following positive operational and financial progress during the first half of 2017, London- and Moscow-listed Polyus remains on track to meet its full-year production guidance of between 2.08-million ounces and 2.13-million ounces. 

Alrosa says 2017 output target unchanged despite accident - Ifax

By: Reuters     14th August 2017 Russian state-controlled diamond miner Alrosa's 2017 production plans remain unchanged despite an accident at its Mir underground mine in eastern Siberia, it said on Monday. Rescue teams are still searching for eight workers in Alrosa's underground Mir mine in the remote Yakutia region of... 

Romanov dynasty gets nod in trove with record Russia diamond

By: Bloomberg     2nd August 2017 The most-expensive diamond ever polished in Russia will be shown in Moscow as part of a collection of gems named after the dynasties of the Romanov-era Imperial Court. In 2015, Alrosa discovered a giant, 179-ct rough diamond in a mine in the northeast region of Sakha, naming it Romanov after the... 

Brics industry ministers adopt action plan to deepen industrial cooperation

By: African News Agency      31st July 2017 The second meeting of Brics (Brazil, Russia, India, China and South Africa) industry ministers held in Hangzhou in China has adopted a seven-point “action plan” on deepening industrial cooperation among Brics countries, the trade and industry department (DTI) said on Sunday. The action plan... 

Nuclear seen featuring alongside renewables in future energy mix

By: Dylan Slater     28th July 2017 During the yearly atomic energy forum – Atomexpo 2017 – which was held in Moscow last month, a round-table discussion featuring several energy experts agreed that a sustainable future power generation mix would almost certainly use an increased amount of nuclear energy in conjunction with... 

Why Russia's market is rising after sanctions Bill approval

By: Bloomberg     27th July 2017 The US House has approved a bill hardening sanctions against Russia, but European resistance to some of its toughest new measures means the impact on companies will be muted, according to Goldman Sachs Group and Deutsche Bank. As it stands now, the most negative aspect of the bill for Russia,... 

Polymetal says Q2 revenue up 26% to $385m

By: Reuters     25th July 2017 Russian gold and silver producer Polymetal said on Tuesday its second-quarter revenue rose 26% year-on-year to $385-million due to an increase in production and higher sales of gold. The company, part-owned by businessman Alexander Nesis, said its gold equivalent production, a mixture of gold... 

Historic Russian nuclear site hosts oldest and newest nuclear technology

By: Dylan Slater     21st July 2017 During a nuclear power plant (NPP) site visit that coincided with the yearly Atomexpo 2017, which was held in Moscow last month, Russian State-owned atomic corporation Rosatom showcased its safest and most modern nuclear reactor technology to delegates at the landmark Novovoronezh NPP (NvNPP) site.  

Nuclear collaboration is all that this country is looking for

By: Kelvin Kemm     14th July 2017 I spent a week in Moscow recently, attending the yearly Russian nuclear power conference and exhibition, Atomexpo 2017. As chairperson of the South African Nuclear Energy Corporation, or Necsa, I was invited to chair the opening session of the conference, which was attended by hundreds of people... 

Prelude floating liquefied natural gas project, Australia

By: Sheila Barradas     7th July 2017 The floating liquefied natural gas facility for the Prelude operation has left South Korea on its way to Australia. 

Poland sees Trump visit catalyst to cut Russian gas reliance

By: Bloomberg     5th July 2017 Polish leaders are betting Donald Trump’s visit to Warsaw starting on Wednesday, two days before the US President meets his Russian counterpart, will bolster their efforts to reduce the nation’s dependence on natural gas from its eastern neighbour. Less than a month after Poland’s Baltic Sea... 

Nuclear power increasingly replacing traditional sources of power generation – Kemm 

By: Dylan Slater     20th June 2017 The world is entering a new phase of energy development and nuclear-powered electricity generation has a key role to play in phasing out carbon-based energy generation, nuclear physicist and South African Nuclear Energy Corporation chairperson Dr Kelvin Kemm said during a plenary discussion at... 

Rosatom, Zambia agree to cooperate on nuclear energy development 

By: Dylan Slater     19th June 2017 Rusatom Overseas, a division of Russian State-owned atomic corporation Rosatom, on Monday signed a project development agreement (PDA) with Zambia, paving the way for a preliminary feasibility study into the proposed construction of a nuclear power plant. The signing took place during the yearly... 

New Russia sanctions impact muted even as energy shares sag

By: Bloomberg     16th June 2017 For investors in Russia’s energy and metals sectors, the US Senate’s bill to expand sanctions was a blow. Whether it will hurt Russian companies targeted by the legislation is less certain. The Senate bill proposes adding restrictions to banks’ and energy companies’ ability to raise capital, and... 

Owner of $1bn cobalt project says rally is far from over

By: Bloomberg     5th June 2017 Tight cobalt supplies will keep boosting the price of one of this year’s hottest commodities, according to Eurasian Resources Group, which is developing an almost $1-billion project in the Democratic Republic of Congo (DRC). Cobalt jumped 71% this year on surging demand for the metal used in... 

Polyus launches secondary share offer in London, Moscow

By: Reuters     5th June 2017 Russia's top gold producer Polyus will offer new and existing shares in a secondary share offering in both London and Moscow, it said on Monday, in a deal that will test investor appetite for Russian assets. 

Rusal's refinancing frees firm to pay dividends when it wants

By: Bloomberg     2nd June 2017 United Co. Rusal, the largest aluminum producer outside China, will be able to pay dividends without the approval of its lenders for the first time in at least seven years after recent refinancing eased debt covenants. The company conducted two eurobond sales this year and tapped the panda bond... 

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