Swiss commodity trader Glencore has dropped an idea to convert its stake in Russian aluminum giant UC RUSAL into global depositary receipts (GDRs) of En+ Group because of the new U.S. sanctions, it said in a statement on April 10. “Glencore has previously signed a non-binding term sheet with En+ regarding swapping its shares in…Details
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Stoilensky, the main resource base for NLMK Group, an international steel company, has begun the mining of quartzite on the southern bank of the Stoilensky deposit. The development of this site and the overall expansion of mining operations will enable a 10% increase in production output year-on-year to 38 million tons in 2018 and will…Details
Russian aluminum giant UC RUSAL may default on some loan liabilities because of the new sanctions imposed by the U.S., the company said in a statement released on the Hong Kong Stock Exchange on April 9. On April 6 the U.S. imposed sanctions against a total of 38 Russian tycoons, officials and companies, including Oleg…Details
Last week the price of one ounce of gold decreased by 2.482 manats or by 0.1%. Accordingly, the average price of one ounce of gold stood at 2,264.434 manats. The price of one ounce of silver decreased by 0.136 manats or by 0.5%, to 27.89634 manats. The price of one ounce of platinum decreased by…Details
Ukraine saw a record low steel output in 2017 due to the lack of important raw materials. In particular, there is a threat of a blocking of imports of sulfuric acid that could create a monopoly on this type of raw materials. The interdepartmental commission on trade should make the corresponding decision by late April.…Details
In January-March Boshnyakovsky Coal Pit mined 131 thousand tons of coal. The company owns three licenses to develop coal sites at the Boshnyakovskoye deposits. In 2010 the company obtained the licenses to Soldatskiy-1 and Onnaysky sites, and in December 2017 – to Onnaysky-Southern. This year the latter is expected to yield 0.5 million tons of…Details
Okhta GGK LLC, a part of Polymetal, has started developing the Khotorchan gold ore deposits in Khabarosvk territory. The first ore was mined on March 31. The deposits reserves will become the raw materials base for the Khakanjinskaya gold-extracting factory. The Khotorchan CC2 reserves are estimated at 839 kg, and forecast resources (R1) at 5…Details
Karelsky Okatysh is preparing to put into operation a new BelAZ dump truck. The company specialists are now assembling it. The lifting capacity of the machine is 240 tons, but the company intends to transport some 230 tons. By June the company will have received three more similar trucks. (Ukrainian metal)Details
Russian metals producers are preparing proposals to retaliate against U.S. imports duties, Deputy Prime Minister Arkady Dvorkovich declared. “Companies are preparing their proposals, we will discuss them. Initially, we wanted to hold a meeting in Krasnoyarsk but we have just decided to postpone it for several days in order to prepare better. We are waiting…Details
Until December Mechel has to make monthly payments for the purchase of Donetsk Electrometallurgical Works, bought in 2011, and in 2016 “nationalized” by the militants of the so-called Donetsk People’s Republic, a terrorist organization created and supported by Russia. On December 22, 2011 Mechel bought 100% of Daveze Ltd shares, owner of 100% of DEMZ,…Details
Ukrmetallurgprom suggests the Ministry of economic development and trade to initiate a special investigation as to the metal imports, as the European Union did in March. According to the enterprise president Alexander Kalenkov, this will help protect the domestic market from the large-scale and abusive imports of metal products, mostly from China, in the segment…Details
Petro-Consulting LLC, which has recently obtained the special license to mine for lithium ore in Donetsk region with the reserves of 14 million tons, intends to find a major foreign partner to start developing the deposit in 2021. Investments are estimated at $120 million and will be spent to construct the manufacturing infrastructure (electricity, gas,…Details
In March Yuzhniy Mining and Processing Works decreased concentrate output by 0.6% YoY, to 1042.9 thousand tons. Sinter output grew 2.1-fold, to 230.4 thousand tons. In January-March UGOK produced 3012 thousand tons of concentrate and 521.4 thousand tons of sinter, down by 1%, but up by 15.7% YoY, respectively. In 2017 UGOK increased concentrate output…Details