In Q3 the net profit of Uralelectromed decreased 5-fold YoY, to 588.9 million rubles. In Q3 2016 the company net profit was 2.97 billion rubles. UEM revenue increased from 21.4 billion rubles to 26.2 billion rubles, while sales prime cost grew from 16.4 billion to 21.6 billion rubles. In 2016 Uralelectromed decreased net profit from…
In early November ArcelorMittal Kirviy Rih appointed 3 new deputy general managers. Thus, Vladimir Tesluyk has been appointed the deputy CEO on mining department manufacture. He will be responsible for the open-pit and underground mining operation, mining department technical service and CAPEX realization. Igor Romanyuk has been appointed the acting deputy CEO on metallurgical and…
Russia’s Natural Resources and Environment Ministry has suggested cutting the mineral extraction tax (MET) for rare metals to 4.8% from 8% in order to simulate production, the ministry said in a statement on November 13. The ministry is now preparing an amendment to the Tax Code for submission to the government. The amendment will also…
In January-September the actual prime cost of 1 ton of coal reached 2745.3 UAH, down by 84.5 UAH from the planned cost, but up by 32.3% YoY. According to the Ministry of energy and coal industry, coalmining companies expenses reached 6.196 billion UAH, down by 1.642 billion UAH from the planned ones, but up by…
Polymetal Int has estimated the primary ore reserves of the Nezhdaninskoye deposits at 1.9 million ounces of gold and 10 million ounces of silver. In particular, ore reserves for open-pit mining are estimated at 15.5 million tons of ore with the average gold content of 4 g per ton. Additional mineral resources are estimated at…
In 2018 the so-called Lugansk People’s Republic, a terrorist organization created and supported by Russia, intends to start developing gold deposits. According to the head of the LPR Igor Plotnitsky, this will be an important step to improve the republic’s economy. “We’ll try mining our own gold. The enterprise will not be too profitable, but…
In January-September Kinross Gold produced 13.535 tons of precious metals (435.15 thousand troy ounces in gold equivalent), down by 21.5% YoY. In particular, in Q3 output decreased by 18%, to 4.534 tons (145.76 thousand ounces), which was explained by the scheduled drop of gold contents in ore. In January-September the company sold 13.545 tons of…
Daltransugol, a part of SUEK, is pondering the possibility of expanding the capacity of its coal-handling terminal to 40 million tons per year. The company is looking for the contractor to prepare the feasibility study. Daltransugol will pay 15 million rubles for this work. The current capacity of the terminal is 24 million tons of…
