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Topic

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... 

LME says looking at expanding eligibility for Rusal metal

By: Reuters     5th June 2018 The London Metal Exchange (LME) is working to see if it can expand access to Rusal's aluminium, which is under suspension due to US sanctions, but the exchange needs to be cautious, Chief Executive Matthew Chamberlain said on Tuesday. "We are working very closely with all the parties involved to... 

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,... 

Sanctioned tycoon Deripaska resigns as director of his firm Rusal

By: Reuters     25th May 2018 Russian metals tycoon Oleg Deripaska stepped down as a director of his aluminum firm Rusal as part of a choreographed series of steps which he hopes will persuade the US government to rescind sanctions that have crippled his businesses. Deripaska is now actively preparing the next step: reducing... 

Rusal warns on ability to operate from October as CEO quits

By: Bloomberg     24th May 2018 United Co Rusal’s CEO resigned after less than three months in the role, as the Russian firm warned that trade partners and international lenders could cut ties with the company if US sanctions aren’t lifted after October 23. The world’s biggest aluminum producer outside China also said the... 

Russian billionaires trade barbs as Potanin testifies in court

By: Bloomberg     16th May 2018 In the second day of London court hearings, billionaire Vladimir Potanin couldn’t pass up the chance to throw a few barbs to his long-running rival Oleg Deripaska. Potanin took the stand on Tuesday in a case involving a dispute over the sale of shares in MMC Norilsk Nickel, Russia’s biggest... 

Russian billionaires take boardroom battle to London High Court

By: Reuters     15th May 2018 Russia tycoon Oleg Deripaska gave evidence in the London High Court on Monday in a case challenging the sale of shares in Norilsk Nickel (Nornickel) by soccer club owner Roman Abramovich. Deripaska, making his first public appearance since being made a target of US sanctions, wants to stop... 

Russian billionaires' Nornickel tussle to go to trial on Monday

By: Reuters     14th May 2018 A London High Court trial over the legality of Russian billionaire Roman Abramovich's sale of a stake in Norilsk Nickel will start on Monday, part of a long-running battle for control of the miner. Rusal, which is controlled by Oleg Deripaska, is trying to stop Chelsea soccer club owner... 

Rusal's first quarter earnings jump, but warns on sanctions impact

By: Reuters     11th May 2018 Russian aluminium giant Rusal boosted first-quarter recurring net profit on Friday amid stronger aluminium prices, but warned that sanctions imposed by the United States in April could harm its business. Washington last month announced sanctions on Russian billionaire Oleg Deripaska and several... 

Power market restored to Rusal's Swedish aluminium smelter

By: Reuters     8th May 2018 Europe's leading power market Nord Pool restored access on Tuesday to Rusal's Swedish aluminium smelter after it was suspended from trading in the wake of US sanctions on the Russian company. Nord Pool suspended Rusal's Kubal smelter from trading on its exchange on April 18 due to violations of... 

Greece's Mytilineos expects positive alumina performance

By: Reuters     3rd May 2018 Mytilineos sees positive prospects for its alumina business in Greece despite surging alumina prices, the Greek industrial group said on Thursday. Its vertically-integrated feed and lower production costs have shielded it and created "positive prospects" for its alumina business in the short... 

Metals maker Arconic slashes forecasts, shares slide

By: Reuters     1st May 2018 Aluminium products maker Arconic Inc slashed its 2018 forecasts for profit and free cash flow on expectations that the price of the metal would remain high this year due to sanctions on Russian supplies and a 10% duty on aluminium imports. Shares of the company, which makes aluminium products... 

Rusal shareholder calls for new strategy in response to US sanctions

By: Reuters     30th April 2018 SUAL Partners, a co-owner of Russian aluminium producer Rusal, said on Monday that Rusal's board and shareholders needed to start work as soon as possible on a new strategy after the company was hit by US sanctions. Washington this month imposed sanctions on billionaire Oleg Deripaska and several... 

Deripaska offers to cut En+ stake in bid for sanctions relief

By: Bloomberg     30th April 2018 Oleg Deripaska offered to make concessions on his ownership of En+ Group Plc, which owns almost half of Russian aluminum giant United Co Rusal, as he seeks to cast off the yoke of US sanctions. The Russian billionaire agreed “in principle” to cut his stake in En+ to less than 50% and plans to... 

Up to 500 000 t of alumina being exported from China as Rusal crisis bites

By: Reuters     30th April 2018 Multiple shipments of alumina are being exported from China, with major suppliers agreeing deals of up to 500 000 t, in a rare move prompted by supply problems after U.S. sanctions on Russian producer Rusal. China is the biggest global producer and consumer of alumina, a compound extracted from... 

Aluminium bears on treacherous ground as supply shocks continue

By: Bloomberg     26th April 2018 One of the few hedge funds to survive the downswing in the commodity supercycle has a lesson for traders trying to navigate whipsawing aluminium prices: go short at your peril. While supply fears faded this week after the US eased sanctions against United Co Rusal, traders should be alert to the... 

Russia, betting on EU-Trump talks, keeps powder dry in Rusal row for now

By: Reuters     26th April 2018 Moscow is holding off on taking retaliatory measures against the United States for imposing sanctions on Rusal, hoping the EU can persuade Washington to ease restrictions against the world's second largest aluminium producer further, sources told Reuters. The United States on Monday gave... 

Aluminium maker Hydro to miss cost cutting target amid Brazil woes

By: Reuters     25th April 2018 Norwegian aluminium-maker Norsk Hydro will miss its 2018 cost-cutting target as its troubled Brazilian operation continues to work at reduced capacity following a spill in February from a major plant, it said on Wednesday. A regulatory order to cut output from Hydro's Alunorte, the world's... 

US extends deadline for Rusal sanctions, aluminium prices dive

By: Reuters     23rd April 2018 The US on Monday gave American customers of Russia's biggest aluminium producer more time to comply with sanctions, and said it would consider lifting them if United Company Rusal Plc's major shareholder, Russian tycoon Oleg Deripaska, ceded control of the company. Aluminium prices on the London... 

US grants reprieve to Rusal, says will weigh impact on allies

By: Reuters     23rd April 2018 The United States on Monday opened the door to sanctions relief for Russian aluminum producer United Company Rusal Plc, saying it was considering a company bid to avoid US sanctions and would weigh the impact on American allies and partners. 

Sanctions-hit Russian firms ask government for $1.6bn in liquidity – Interfax

By: Reuters     20th April 2018 Russian companies hit by US sanctions, including aluminium giant Rusal, have asked for $1.6-billion in liquidity support from the government, Finance Minister Anton Siluanov was quoted by Interfax news agency as saying on Friday. The US on April 6 imposed sanctions against several Russian... 

Kazakhstan seeks new alumina markets amid Rusal's troubles

By: Reuters     20th April 2018 Kazakhstan is looking to open up new markets for its alumina exports, concerned US sanctions on Russian aluminium giant Rusal could hit business and jobs. Eurasian Resources Group (ERG), a company part-owned by the Kazakh government, produces 1.5-million tonnes a year of alumina, which is used... 

Sanctions fallout upends metals as aluminum, nickel burst higher

By: Bloomberg     19th April 2018 The turmoil unleashed by US sanctions against United Co. Rusal reverberated in metals markets, sending aluminium and nickel to multi-year highs. Global metals markets have been rocked for the past two weeks by the clampdown on Russia’s Rusal, which set off a rush for alternative supplies and... 

Rio Tinto lifts iron, bauxite and copper output, warns sanctions could impact aluminium

By: Esmarie Swanepoel     18th April 2018 Diversified giant Rio Tinto has reported production increases at its iron-ore, bauxite and copper divisions, while warning shareholders that US sanctions against Russian companies could impact aluminium production in 2018. “We delivered a solid operational performance across most commodities in... 

Rio to call force majeure on some Rusal-linked contracts

By: Reuters     14th April 2018 Rio Tinto said it will declare force majeure on certain customer contracts after the US imposed sanctions on its partner Russian aluminium producer Rusal. The mining group said on Friday it was working with its customers to minimise disruptions to supply and would fully comply with US sanctions. 

Goldman Sachs says you must own commodities in these tense times

By: Bloomberg     13th April 2018 The case for owning commodities has rarely been stronger, according to Goldman Sachs Group. With raw materials rallying on escalating political tensions across the globe and economic growth remaining strong, the bank’s analysts including Jeffrey Currie doubled down on their “overweight”... 

Glencore is losing billionaire allies to Trump's sanctions

By: Bloomberg     12th April 2018 The reach and power of US sanctions are hemming in the world’s largest commodity trader. In just four months, Glencore chief Ivan Glasenberg has lost two of his closest business allies as President Donald Trump’s aggressive foreign policy hits home, forcing him to cut ties with billionaires Oleg... 

Aluminium gets Iran-style crisis as Rusal shut out of market

By: Bloomberg     12th April 2018 The aluminium market is having its own Iran oil moment. Similar to how US and European sanctions in 2012 cut Iran’s oil sales to the world, last week’s American penalties on United Co Rusal look set to freeze the Russian company’s aluminium out of western markets. The reaction has already been... 

Palladium surges 6% on jitters over Russia sanctions

By: Reuters     11th April 2018 Palladium has surged 6% this week on the back of concerns that supply from number one producer Russia could be hurt by sanctions imposed by the US. Although the supply pipeline of the metal, more than two-fifths of which is sourced in Russia, has not been directly hit by the sanctions, the... 

Aluminium soars as sanctions force top exchanges to block Rusal

By: Bloomberg     11th April 2018 Aluminium headed for the highest close since January, extending its hottest three-day streak since 2009, after top exchanges said they’ll stop accepting metal from United Co. Rusal, deepening supply fears after the US slapped sanctions on the Russian group. The metal advanced 1.4% to $2 231 a... 

Deripaska's fall: From Davos party king to outcast in three days

By: Bloomberg     10th April 2018 At Davos this year, Oleg Deripaska threw a party with champagne, Russian folk dancers and a performance by Enrique Iglesias. Now the Russian billionaire is on an international blacklist usually reserved for terrorists and warlords. On Friday, the US aimed its toughest sanctions at Deripaska’s... 

Glencore terminates Rusal-EN+ share swap, Glasenberg quits Rusal board

By: Mariaan Webb     10th April 2018 Multinational miner and commodity trader Glencore will not proceed with a share swapping transaction with Russian companies Rusal and EN+ Group, following fresh US sanctions targeting Kremlin-linked companies and oligarchs. Glencore, which on Tuesday confirmed that it would comply with all... 

Rio Tinto stands to win from Rusal sanctions, US consumers to lose

By: Reuters     9th April 2018 Rio Tinto will be among the biggest winners from the US sanctions imposed on Russian aluminium giant United Company Rusal as the penalties further shake up the global metals trade and boost costs for US consumers, industry sources said on Monday. The United States on Friday imposed the sanctions... 

Deripaska's Rusal and aluminium market roiled by US sanctions

By: Bloomberg     9th April 2018 Russian aluminum maker United Co. Rusal’s stock plunged about 40%, while prices of the metal surged, after US sanctions on the company and its billionaire owner Oleg Deripaska prompted the producer to warn of potential debt defaults and “materially adverse” consequences. The stock fell to... 

Russian tycoon Deripaska nominated to join Nornickel board

By: Reuters     6th April 2018 Russian tycoon Oleg Deripaska has been nominated to join the board of directors of mining firm Norilsk Nickel, a regulatory disclosure showed on Thursday. Deripaska, whose aluminium producer Rusal owns a 27.8% stake in Norilsk Nickel, has been locked in a long-running battle for control of the... 

Russian billionaire Potanin buys 2% of Nornickel from Abramovich

By: Reuters     15th March 2018 Russian billionaire Vladimir Potanin's Interros Holding said it had completed the purchase from businessman Roman Abramovich of a 2% stake in Norilsk Nickel, which has been the subject of a legal battle. Abramovich struck a provisional deal last week that allowed him to sell a 4% stake in... 

Parties in Nornickel dispute allow share sale, but deal could be unwound – lawyer

By: Reuters     8th March 2018 Russian billionaires Vladimir Potanin and Roman Abramovich and aluminium producer Rusal have agreed to allow the sale by Abramovich of a 4% stake in mining giant Norilsk Nickel on a pro rata basis to Potanin and Rusal, a lawyer for Rusal said on Thursday. The three sides of the dispute reached... 

Europe's firm response to stop short of trade war with Trump

By: Reuters     2nd March 2018 The firm response Europe has pledged to planned US tariffs on steel and aluminium imports is likely to stop short of triggering the trade war that open market supporters fear. US President Donald Trump said on Thursday the United States would apply duties of 25% on imported steel and 10% on... 

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