Lermontovsky Mining and Processing Works has resumed manufacture of tungsten concentrate after almost a 3-month hold to assemble new machinery. LGOK has been experiencing problems with ore mining and sales since 2003. The mining was suspended in September 2008. In June 2013 a new LLC was created to carry out operations. In October 2016 LGOK…
The net profit of Russia’s Chelyabinsk Zinc Works by soared 43.8%, to 5.776 billion rubles in 2017, as calculated under International Financial Reporting Standards (IFRS), the company said in a statement on May 3. Revenue rose by 27%, to 38.548 billion rubles. Gross profit grew by 20.5%, to 10.757 billion rubles. (Prime/Ukrainian metal)
Moldova Iron and Steel Works has been affected by US import duties. The company competitors have switched their products to Europe, and a surplus of metal appeared on markets traditional for MMZ, decreasing steel and rolled metal prices. “When the duties have been introduced, Turkish manufacturers had to reorient. They started supplying a part of…
Vysochaishiy has approved a new dividend policy in order to keep dividends on the stably high level. According to the new policy, dividends are calculated on the basis of EBITDA. The dividend level is 30% of EBITDA provided that the company net debt/EBITDA ratio is below 2.5x. If the ratio has been higher than 2.5x…
In 2017 Makeevka Metal Works, a part of Metinvest situated on the Ukraine-uncontrolled territories, increased net losses 4.5-fold YoY, to 649.41 million UAH. According to the company statement, its losses before interest equaled its net losses. Net income dropped 4.4-fold, to 86.7 million UAH. Uncovered losses as of late 2017 totaled 1.746 billion UAH. In…
Russian Copper Company has purchased technologies and equipment from Finnish companies for its enterprises in Russia and Kazakhstan valued at over 300 million euros. According to the group president Vsevolod Levin, these are ball mills, flotation equipment, converters and other machines, used to extract and process copper ore and produce refined copper. The Finnish companies…
The Uzbek State Committee for Geology and Mineral Resources and the Turkish Ministry of Energy and Natural Resources signed an agreement on geological exploration. Exploration will be carried out at the promising areas – Khurob, Aydim-Dzhetymtau and Sarytau ore field – in two regions of Uzbekistan. Turkish side will explore gold in Khurob square, located…
In 2017 Avdiivka Coke and Chemical Works increased net income 2.1-fold YoY, to 24.899 billion UAH. According to the company statement, its net profit grew 3.52-fold, to 2.850 billion UAH. Undistributed profit as of late 2017 totaled 7.015 billion UAH. Last year the company produced 2.628 million tons of blast furnace coke, up from 2.397…