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Military stake stymies $4bn Zimbabwe platinum project  

By: Bloomberg     15th May 2019 A plan to build Zimbabwe’s biggest platinum mine at a cost of about $4-billion is floundering because a military stake in the project has deterred potential backers, according to people familiar with the funding discussions. The African Export-Import Bank has the mandate to raise money for the... 

Polyus capex to accelerate in second and third quarters

By: Reuters     14th May 2019 Russia's largest gold producer Polyus said on Tuesday it plans to materially accelerate capital expenditure in the second and third quarters of the year, without exceeding the $725-million it expects to spend in the year as a whole. "We still expect to spend $725-million across all or business... 

Russia's Rusal first-quarter value-added product sales down 44% on US sanctions

By: Reuters     30th April 2019 Russian aluminium producer United Company Rusal has reduced its first-quarter sales of value added products (VAP) by 44% from a year ago and by 22% from the last quarter of 2018 because of sanctions by the US. Washington imposed the sanctions on Rusal, the world's largest aluminium producer... 

Mnuchin says Deripaska and family are minority Rusal owners

By: Bloomberg     10th April 2019 Treasury Secretary Steven Mnuchin said that Russian billionaire Oleg Deripaska and his family together own less than a majority of shares in United Co. Rusal, the world’s second-largest aluminum producer, after a settlement to get the company out from under US sanctions. The deal left Deripaska... 

Investors from Britain buy 50% of shares sold by Polyus shareholder

By: Reuters     4th April 2019 Investors from Britain bought almost 50 percent of Polyus shares sold by the gold producer's controlling shareholder, according to deal bookrunner VTB Capital. Polyus said on Thursday that its controlling shareholder, Polyus Gold International Ltd (PGIL), had sold a 3.84% stake in the company... 

Russia is stocking up on gold as Putin ditches US dollars

By: Bloomberg     29th March 2019 Vladimir Putin’s quest to break Russia’s reliance on the US dollar has set off a literal gold rush. Within the span of a decade, the country quadrupled its bullion reserves and 2018 marked the most ambitious year yet. And the pace is keeping up so far this year. Data from the central bank show... 

Nornickel to spend $1.4bn on two expansion projects

By: Reuters     28th March 2019 Russian nickel and palladium producer Norilsk Nickel (Nornickel) said it will invest up to 90-billion roubles ($1.4-billion) over four years in two major projects in Russia. The projects - expansion and reconstruction of the Talnakh ore concentrator and development of the South Cluster mine -... 

January gold output at 17.84 t

By: Reuters     27th March 2019 Russia produced 17.84 t of gold in January, up from 15.67 t in the same period in 2018, the Finance Ministry said on Wednesday. Production for the period included 14.11 t of mined gold compared with 12.26 t a year ago, the Ministry said. 

Potanin plans talks with Rusal over cutting Nornickel payout

By: Bloomberg     27th March 2019 Vladimir Potanin is determined to start talks on cutting dividends at MMC Norilsk Nickel, even though management upheaval at the miner’s other key shareholder United Co. Rusal makes the outcome uncertain. “The company has big plans,” Potanin, Nornickel’s biggest shareholder and CEO, said in an... 

Russian tycoon Potanin plans crypto tokens backed by palladium

By: Bloomberg     27th March 2019 MMC Norilsk Nickel and its billionaire chief Vladimir Potanin are planning several digital platforms, including using crypto tokens for trading palladium. The world’s top palladium producer is in talks with Swiss authorities about issuing tokens by its Switzerland-based palladium fund, and may... 

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