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US sanctions driving Russian billionaires into Putin’s arms

By: Bloomberg     21st September 2018 The Trump administration is helping Vladimir Putin achieve a goal that’s eluded him for almost two decades—getting Russia’s billionaires to start repatriating some of their assets. Relatively muted sanctions imposed during the Obama era over the conflict in Ukraine have only widened in scope and... 

Russian giant copper project aims to raise $1.25bn in 2018

By: Reuters     17th September 2018 Baikal Mining Company, operator of Russia's biggest untapped copper deposit Udokan, plans to raise $1.25-billion in project financing from a Russian bank by the start of 2019, its chairperson Valery Kazikayev told Reuters. Spurred by high global appetite for cooper, which many expect to be in... 

Alrosa sales in 2019 to exceed production

By: Reuters     11th September 2018 Russian diamond miner Alrosa said on Tuesday that its sales next year would be one-million to two-million carats higher than its production in 2019, the RIA news agency cited Alexei Filippovsky, its CFO, as saying. Alrosa expects it production to be around 37.5-million to 38-million carats next... 

Potanin returns 2% in Norilsk Nickel to Abramovich -sources

By: Reuters     10th September 2018 Russian billionaire Vladimir Potanin has returned a 2% stake in Norilsk Nickel to Roman Abramovich and his partners, according to a source in a holding which manages Potanin's assets and a source familiar with the matter. The original sale of the stake was disputed in a London court by aluminium... 

Rusal's August aluminium exports up 7% from July - Ifax

By: Reuters     6th September 2018 Russian aluminium producer Rusal, under US sanctions since April, increased its aluminium exports by 7% in August compared to the previous month, Interfax news agency said. Rusal, the world's second-largest aluminium producer, saw its exports and supply chain crippled after Washington put the... 

Construction starts at biggest undeveloped copper deposit in Russia

By: Reuters     4th September 2018 A company owned by Russian billionaire Alisher Usmanov's holding company said on Tuesday it had started construction of a massive mining and metallurgical plant at the Udokan copper deposit in a remote region in eastern Siberia. With total reserves of around 26.7-million tonnes of copper,... 

Putin wants big business to spend $120bn to revive economy

By: Bloomberg     3rd September 2018 The Kremlin is leaning on Russia’s oligarchs to spend $120-billion on new investments by the end of Vladimir Putin’s term after shelving plans to hike taxes on big business. That’s an increase of 15% to 20% and part of the Russian leader’s plan to take overall investment to a quarter of gross... 

Russia may buy aluminium for state stocks to support Rusal

By: Reuters     28th August 2018 Russia has a plan to support world No.2 aluminium producer Rusal against US sanctions put in place in April, including by purchasing the metal for state stocks, Industry Minister Denis Manturov told reporters on Tuesday. The US Treasury Department placed Russian businessman Oleg Deripaska and... 

Kremlin aide wants top firms to invest more rather than pay windfall tax

By: Reuters     24th August 2018 Kremlin aide Andrei Belousov said on Friday he would like major Russian firms to invest in social projects rather than pay higher taxes, weeks after he proposed raising 500-billion roubles ($7.5-billion) a year from metal and mining firms. President Vladimir Putin ordered the government to... 

Russian diamond miner Alrosa's net income inches higher in Q2

By: Reuters     24th August 2018 Alrosa, the world's largest producer of rough diamonds in carat terms, said on Friday its second-quarter net profit rose about 1 percent year on year as higher prices helped offset a sales drop. State-controlled Alrosa and Anglo American's De Beers produce about half of the world's rough... 

Russian Ministries reject proposed windfall tax on metals and mining firms

By: Reuters     22nd August 2018 Russian government Ministries have agreed that a proposed windfall tax on metals, mining and chemical companies was inappropriate, Industry Minister Denis Manturov said on Wednesday. "With colleagues from other Ministries, we reached a common position that as of today it's inappropriate," he... 

Russia's government sees windfall tax on metals firms as impractical – Ministry

By: Reuters     17th August 2018 The Russian government thinks it would be impractical to raise more taxes from metals and mining companies that are earning windfall profits, the Russian finance ministry said on Friday. President Vladimir Putin called last week for further discussion of a proposal by Kremlin aide Andrei Belousov... 

Rusal says board backs change of domicile to Russia

By: Reuters     17th August 2018 Russia's sanctions-hit aluminium giant Rusal said on Friday its board had discussed and approved a change of domicile from Britain's Jersey to Russia in order to take advantage of new special tax regulations. Rusal, which was hit with US sanctions in April that seriously disrupted aluminium... 

Russian miners explore payment schemes eschewing dollar

By: Reuters     15th August 2018 Two of Russia's biggest mining companies said on Wednesday they were investigating rouble-based payments schemes, amid calls from Moscow to reduce the role of the US dollar in Russian trade and so limit the impact of US sanctions. The Kremlin said on Monday that Russia favoured bilateral trade... 

Russia's richest lose $3.1bn as tax proposal hits shares

By: Bloomberg     13th August 2018 Russia’s super-rich tycoons lost more than $3-billion in one day after a top economic aide to the president proposed raising taxes on the nation’s giant metal and mining companies. In a letter to Vladimir Putin, adviser Andrey Belousov named 14 companies that could pay more. The resulting... 

Kremlin backs discussion of idea to raise revenue from metals firms

By: Reuters     10th August 2018 Russian President Vladimir Putin agrees that a proposal to prop up the budget by raising more revenue from metals and mining companies should be discussed, but has not made any decision, Kremlin spokesman Dmitry Peskov said on Friday. Proposals seen by Reuters on Thursday were set out in a... 

NLMK's Lisin warns against higher Russian mining taxes

By: Reuters     10th August 2018 Hitting Russian mining and metals companies with extra taxes because they are making profits will only encourage them to be less efficient, according to billionaire Vladimir Lisin, who controls top steel producer NLMK . "The proposed method of creating an extra tax base looks like an... 

Rosneft more than triples Q2 net profit, shares hit record

By: Reuters     7th August 2018 Russia's largest oil producer Rosneft said on Tuesday its second-quarter net profit more than tripled to 228-billion roubles on higher production and prices, pushing its shares to an all-time peak. Rosneft, in which Qatar is set to become the third-largest shareholder after the Russian state and... 

Russia's shield against sanctions draws praise from Moody's

By: Bloomberg     7th August 2018 Russia is ready to absorb the blow from any new sanctions the US throws its way, according to Moody’s Investors Service. Measures to cut down holdings of Treasuries and reduce exposure to the dollar have made the economy less vulnerable to the threat of deeper penalties, Moody’s analyst Kristin... 

Russia's Rusal shuts down Nadvoitsky plant due to US sanctions

By: Reuters     7th August 2018 ussia's Rusal, the world's largest aluminium producer outside China, has started shutting down production at one of its smaller plants as a result of US sanctions on the company, Rusal representatives said on Monday. Operations at the Nadvoitsky aluminium smelter in Russia's Karelia region... 

Russian gold miner Polyus posts 10% rise in Q2 net profit

By: Reuters     3rd August 2018 Polyus, Russia's largest gold producer, on Friday reported second-quarter net profit of $114-million, up 10% year on year, due to higher gold sales. Excluding non-cash items, such as a foreign exchange loss, its adjusted net profit, jumped 68% to $457-million and matched its adjusted earnings... 

US gives Rusal investors more time but keeps Deripaska on hook

By: Bloomberg     1st August 2018 The US Treasury Department gave investors more time to sell their shares and debt in En+ Group and affiliate, United Co. Rusal, but stopped short of removing the aluminum and power companies from a sanctions list targeting Russian billionaire Oleg Deripaska. The deadline for investors to sell... 

Nornickel says Q2 nickel output flat y/y

By: Reuters     31st July 2018 Russia's Norilsk Nickel (Nornickel) said on Tuesday its consolidated nickel production was at 49 460 t in the second quarter of 2018, broadly flat year-on-year. Nornickel, one of the world's largest nickel and palladium producers, also said its palladium production totalled 813 000 troy ounces,... 

Russia's Polymetal sees improved Q3 due to rising sales - CFO

By: Reuters     26th July 2018 Russian gold and silver producer Polymetal expects its financial performance to be better in the third quarter than in the second quarter due to seasonally higher production and sales, Maxim Nazimok, its CFO, told Reuters. In April, Polymetal said it was unlikely to pay a special dividend this... 

Russia raises duties on US goods in response to trade restrictions

By: Reuters     6th July 2018 Russian Prime Minister Dmitry Medvedev has signed a decision imposing extra duties of 25% to 40% on some imports from the US in response to Washington's tariff move, the Russian economy ministry said on Friday. The extra duties will apply to imports of fiber optics, equipment for road... 

Russian nuclear group further develops cooperation with Africa

By: Rebecca Campbell     6th July 2018 Russian State-owned nuclear group Rosatom has announced that it has signed a Memorandum of Understanding (MoU) with the Ministry of Infrastructure of Rwanda. The MoU covers cooperation in the peaceful uses of nuclear energy. This is the first agreement between the two countries regarding the... 

Bulgarian Subsidiary Grows European Market Share

5th July 2018 Condra Bulgaria Ltd, fledgling European subsidiary of South African crane manufacturer Condra, has received orders worth some €½-million in the past six months, and secured further contracts for the ongoing supply of end-carriages to crane manufacturers in England and Spain. The subsidiary’s... 

London court backs Deripaska in battle of Russian tycoons 

By: Reuters     28th June 2018 Russian tycoon Oleg Deripaska got a boost on Wednesday in a long-running battle for control of Norilsk Nickel when a high court judge ruled fellow investor Roman Abramovich did not have the right to sell shares in the miner to a third businessman. Deripaska, who controls aluminium giant Rusal,... 

Alrosa to base dividends on free cash flow - Ministry

By: Reuters     26th June 2018 Russian State-controlled diamond miner Alrosa will base its dividend payments on free cash flow rather than net profit starting from 2018, the Finance Ministry said on Tuesday. The company's dividend payouts will not be lower than 50% of net profit, the ministry added. 

Russian Jan-March gold output at 51.6 t

By: Reuters     21st June 2018 Russia produced 51.6 t of gold in the first three months of 2018, up from 50.9 t in the same period in 2017, the Finance Ministry said on Thursday. Production for the period included 39.78 t of mined gold compared with 38.93 t a year ago, the Ministry said. 

Rusal starts shipping bauxite from Guinea's Dian-Dian mine

By: Reuters     19th June 2018 Sanctions-hit Russian aluminium producer Rusal said on Tuesday it had started shipping bauxite from its Dian-Dian bauxite project in Guinea to its alumina refineries in other countries. Rusal, the world's largest aluminium producer outside China, has been hit by US sanctions imposed on it and... 

Open letter to Safa president

By: Martin Zhuwakinyu     8th June 2018 Dear Dr Danny Jordaan Congratulations on your recent election for another term at the pinnacle of South African football administration. If there had been any doubt that you are a darling of our football-loving nation, it would have evaporated in the wake of your landslide victory – 234 out of... 

Russia's Polyus to decide on Sukhoi Log gold mine by 2020/21

By: Reuters     7th June 2018 Russian gold miner Polyus said on Thursday it planned to make a final investment decision on Sukhoi Log, one of the world's largest untapped gold deposits, by 2020/21, when it would also begin capital spending on construction. Should a positive investment decision be made, production would start... 

Rusal's May aluminium exports up threefold – Interfax 

By: Reuters     5th June 2018 United Company Rusal, the world's second biggest aluminium producer, in May increased aluminium exports to 197 000 tonnes, up almost threefold from April, Interfax news agency reported. Citing Russian Railways data, Interfax said January-May aluminium exports totalled 972 000 tonnes, down 16% on... 

Russian January gold output at 15.67 t

By: Reuters     31st May 2018 Russia produced 15.67 t of gold in January, up from 14.16 t in the same period in 2017, the Finance Ministry said on Thursday. Production for the period included 12.26 t of mined gold compared with 10.58 t a year ago, the Ministry said. 

Ukrainian workers sweat over fate of Deripaska's alumina plant

By: Reuters     31st May 2018 Ukraine's decision to put sanctions on one of Russia's wealthiest tycoons worries Vira Dudnyk. A driver at an alumina plant in southern Ukraine, she fears a tug-of-war between Kiev and Moscow may leave her jobless and on the streets. "We are afraid if the plant is closed, what are we left with,... 

Trans-Siberian reports lower FY profit

By: Mariaan Webb     30th May 2018 Russian gold mining company Trans-Siberian Gold (TSG) has generated $2.5-million in profit in 2017, a decrease from the $7-million profit reported in 2016, the owner of the Asacha gold mine, in Kamchatka, reported on Wednesday. Revenue from the sale of 33 870 oz of refined gold and 46 121 oz of... 

Russian diamond producer Alrosa says H1 sales to exceed initial expectations

By: Reuters     25th May 2018 Russia's Alrosa, the world's largest producer of rough diamonds in carat terms, said on Thursday first-half sales would be significantly higher than it originally planned due to market strength. Speaking on the sidelines of the St Petersburg economic forum, Alrosa chief executive Sergey Ivanov... 

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