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Russia's central bank to pay less for domestic gold from May

By: Reuters     11th February 2019 Russia's central bank will pay less than an industry benchmark for gold that it buys on the domestic market, it said on Monday. The central bank said that from May 1 it would add a discount to a purchase price currently based on the daily London Bullion Market Association (LBMA) gold price. The... 

Polyus reports jump in profit on rising gold sales

By: Reuters     11th February 2019 Russia's largest gold producer, Polyus, on Monday reported a 20% jump in fourth-quarter adjusted net profit to $291-million compared with last year, lifted by increased production and rising sales of the metal. Adjusted net profit for the full year rose to $1.33-billion, Polyus said, up from... 

Shares in Russia's Rusal jump 12% on upbeat aluminium demand outlook

By: Reuters     8th February 2019 Russian aluminium giant Rusal expects demand for aluminium to grow in 2019 and sees potential for prices to rise, it said on Friday, sending its Hong Kong-listed shares up 12% to a 10-month high. Shares in Rusal, the world's largest aluminium producer outside China, hit their highest since April... 

Polymetal to shun M&A in 2019, focus on asset sales

By: Reuters     1st February 2019 Russian gold and silver producer Polymetal said on Thursday it will focus on asset sales in 2019 rather than getting involved in industry consolidation. "The pressure from at least some of our shareholders has been to grow smaller or to grow more focused to reduce the number of assets in our... 

Record output drives revenue at Russia's Polymetal up 11% in Q4

By: Reuters     31st January 2019 Russian gold and silver producer Polymetal reported on Thursday an 11% rise in fourth quarter revenue, compared to a year earlier, on record high production following a full ramp-up at its mine in Kazakhstan. The London-listed firm, part-owned by businessman Alexander Nesis, launched the Kyzyl... 

Sanctions relief for Deripaska's Rusal cheers rival tycoon

By: Bloomberg     31st January 2019 When the US lifted sanctions on United Co. Rusal, the conditions imposed on billionaire Oleg Deripaska provided relief for rival Russian tycoon Vladimir Potanin. The two magnates have waged a decade-long battle for control of Russian mining giant MMC Norilsk Nickel. That feud would appear to be... 

Polyus upgrades mineral resource, sets production record at 2.4Moz

By: Marleny Arnoldi     24th January 2019 Moscow- and London-listed Polyus has updated the mineral resource estimate for its Sukhoi Log project, and reported a maiden Joint Ore Reserves Committee-compliant indicated mineral resource estimate completed by AMC Consultants. The estimated mineral resources at Sukhoi now stand at... 

Alrosa says sales down in January - Interfax

By: Reuters     23rd January 2019 Sales by Russia's Alrosa, the world's largest producer of rough diamonds in carat terms, are lower than a year ago so far in January, its CEO was quoted as saying by Interfax news agency on Wednesday. Alrosa competes with Anglo American's De Beers, the biggest seller of rough diamonds by value. 

Three named to En+ voting trust as Deripaska looks to reduce stakes

By: Reuters     18th January 2019 Russian conglomerate En+ Group on Friday named three Americans who will form a voting trust to help Oleg Deripaska reduce his stake in the company in exchange for a waiver from US sanctions. Deripaska has agreed to reduce his stake in London-listed En+ to 44.95% from 70% and assign any voting... 

GOP senate backs end to sanctions on firms tied to Putin ally

By: Bloomberg     17th January 2019 The Senate blocked a Democratic bid to force the Treasury Department to keep sanctions on three Russian companies linked to oligarch Oleg Deripaska, as most Republicans backed the Trump administration’s plan to lift the penalties. The 57-42 Senate vote Wednesday was three short of the 60 needed... 

Senate advances measure to keep sanctions on Deripaska companies

By: Bloomberg     16th January 2019 The Senate advanced a resolution to block the Treasury Department from lifting sanctions on three Russian companies linked to oligarch Oleg Deripaska, with 11 Republicans aiding Democrats in a rare split with President Donald Trump. The 57-42 vote to take up the measure Tuesday came shortly... 

Russia's Alrosa returns to diamond exploration in Zimbabwe

By: Reuters     14th January 2019 Russian diamond giant Alrosa has set up a subsidiary in Zimbabwe to begin mining operations there, it said on Monday, more than two years after it shelved plans to expand into the southern African country. Alrosa, the world's largest diamond producer by output, started conducting geological... 

Senate democrats will force vote on sanctions of Deripaska firms

By: Bloomberg     14th January 2019 US Senate Minority Leader Chuck Schumer says he will force a vote on a measure to block the Treasury Department’s plans to lift sanctions on three Russian companies linked to oligarch Oleg Deripaska, who is reported to be under scrutiny by Special Counsel Robert Mueller in his probe of Moscow... 

Democrats ask for delay in easing sanctions linked to Deripaska

By: Bloomberg     9th January 2019 Seven new Democratic chairmen of House committees demanded Tuesday that Treasury Secretary Steven Mnuchin hold off on the planned easing of sanctions against three companies tied to Russian billionaire Oleg Deripaska. “As the chairs of committees with oversight jurisdiction over the US response... 

Chaarat returns to Aim

By: Mariaan Webb     14th December 2018 Chaarat Gold’s share price fell sharply following its readmission to London’s Aim market on Friday, after an eight-month suspension under the exchange’s reverse takeover rules. The company’s ordinary shares resumed trading at 11:30 London time, and fell 16% to 20.25p a share just before midday. 

Russian Jan-July gold output flat at 157.19 t

By: Reuters     16th November 2018 Russia produced 157.19 t of gold in the first seven months of 2018, exactly the same amount as in the same period last year, the Finance Ministry said on Friday. Production for the period included 129.34 t of mined gold compared with 126.39 t a year ago, the Ministry said. 

Nornickel says Q3 nickel output up 9% q/q

By: Reuters     31st October 2018 Russia's Norilsk Nickel (Nornickel) said on Wednesday its consolidated nickel production was at 53 739 t in the third quarter of 2018, up 9% quarter-on-quarter. Nornickel, one of the world's largest nickel and palladium producers, also said its palladium production totalled 699 000 troy ounces,... 

Palladium nears record after hedge funds piled in amid shortages

By: Bloomberg     22nd October 2018 Palladium climbed near a record as the US plans to pull out of the nuclear weapons pact with Russia, fueling tensions with one of the largest producers at a time when consumers are already scrambling for supplies. Production will trail consumption by 481 000 ounces this year and deficits will... 

De Beers eyes tech markets for synthetic diamonds future 

By: Reuters     19th October 2018 Anglo American unit De Beers is going after lucrative, but elusive high-tech markets in quantum computing, as it aims to expand its lab-grown diamond business beyond drilling and cutting. Element Six, De Beers' synthetic diamond arm, is building a $94-million factory in Portland, Oregon, an... 

Polyus confident of meeting FY target

By: Creamer Media Reporter      16th October 2018 Russian gold miner Polyus is confident that it will achieve its production guidance for the year, following a “robust” operational performance in the third quarter. The company, which trades on the Moscow and London stock exchanges, produced 691 200 oz of gold, a 15% improvement on the 602 000... 

ERG bets on cobalt from Congo in quest for growth

By: Reuters     9th October 2018 Eurasian Resources Group (ERG) plans to ramp up cobalt output at its Democratic Republic of Congo (DRC) facility as it expects the electric car industry to boost demand for the metal, ERG CE Benedikt Sobotka told Reuters. ERG, a global mining and metals group with Kazakh roots, aims to raise... 

Russia to maintain dialogue with oil producers – Putin

By: Reuters     3rd October 2018 Russia will maintain its dialogue with global oil producers in order to keep oil markets balanced, Russian President Vladimir Putin said on Wednesday. He also said, at the Russian Energy Week forum in Moscow, that Russia will strengthen its position in Asian coal markets amid steadily rising... 

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... 

Lydian Armenia Invests in Immersive Technologies’ Simulators to Rapidly and Safely Train Operators

By: Creamer Media Reporter      23rd August 2018 In an effort to train and develop a local workforce for a greenfield operation Lydian Armenia invested in simulators with Professional Services from Immersive Technologies. The new mine has a 4km downhill loaded haul with up to 10 percent grade, creating additional need for operators to be... 

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... 

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