Glencore

UC Rusal to dispute nationalization of plant in the Ukraine in international courts

UC Rusal intends to appeal the nationalization of the Zaporozhie aluminum plant in international courts, the company’s spokesman reported.
"The company is a bona fide purchaser. We will appeal this decision in international courts," - he said.
Earlier on Thursday, the General Prosecutor’s Office of the Ukraine reported that the Ukraine's Supreme Court decided to nationalize the controlling stake in Zaporozhie aluminum plant, owned by Russian UC Rusal.

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The largest Russian aluminum company to continue working in the Ukraine

The largest Russian aluminum company UC Rusal has no plans to close its alumina refinery in Ukrainian Nikolayev, though it thinks that the asset is one of the most inefficient, president of UC Rusal Oleg Deripaska reported.
"We have a plant of about the same capacity in Ireland and we buy gas for it at the price of $200 (per thousand cubic meters), in Nikolaev - for $340. This makes its products the most expensive in the system (of UC Rusal),"- said Deripaska.

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UC Rusal to increase investments in Jamaica

Russian aluminum company UC Rusal and the Jamaican Government have agreed to resume the work of local bauxite and alumina complex Alpart. They talk about an increase of bauxite mining at Alpart (this ore is the main source for the production of alumina and subsequently aluminum) from January 2015 and the resumption of alumina production by December 1, 2016. In addition, the parties agreed to modernize a seaport (starting this month), repair of corresponding roads and construction of a gas turbine cogeneration plant with capacity of 140 MW by UC Rusal – these projects will be implemented in the next year. The total investment could reach about $400 million, Minister of Science, Technology, Energy and Mining Industry Philip Powell announced at the press conference in Kingston Jamaican.
UC Rusal entered the capital of Alpart in 2004, by 2011 it increased its stake to 100%, spent more than $300 million; because of falling prices for bauxite the plant’s activity was suspended in 2009. In addition to Alpart, UC Rusal has one more enterprise in Jamaica - Windalco (with two plants - Ewarton and Kirkvine Works), 100% of the shares of which the Russian company consolidated in December 2014. Windalco produces, in particular, the sixth of UC Rusal’s bauxite: thus, over the past year UC Rusal produced 12.1 million tons of bauxite and 7.25 million tons of alumina, and Windalco – 1.903 million tons of bauxite and 559 thousand tons alumina of them.

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Glencore increased nickel production 3% in 2014

Glencore stated about the growth of nickel production by 3% in 2014 owing to an increase of production at Koniambo and good results of its integrated nickel capacities.
The total volume of nickel production made up 100.9 thousand tons compared to 98.4 thousand tons in 2013.

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Swiss Glencore to help Taj-aluminum "Talco" put 200 furnaces for smelting aluminum into operation.

Is "Talco" ready to "roll"?
The largest aluminum plant in Tajikistan "Talco" has signed an agreement with Glencore International and Talco Management Limited on the commissioning of 200 aluminum smelting furnaces.
The State Company "Talco", Glencore International and Talco Management Limited have agreed to resume work on 200 aluminum smelting furnaces. A source in "Talco" told Radio Ozodi that the agreement had been signed on October 15, 2014.
The Swiss company Glencore International will begin work in the winter, and by the summer of 2015 the furnace will be launched.

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UC Rusal can cease aluminum sales in the Ukraine via ZAlK-AKZ and can introduce direct supplies from Russia for the Ukrainian consumers

UC Rusal can cease the sales of aluminum made in Russia and aluminum rolled wire via its subsidiaries Zaporozhye Production Aluminum Combine (ZAlK) and Aluminum Rolled Wire of Zaporozhye (AKZ), and can start supplies of the products under the direct contracts between the Russian structures and the Ukrainian consumers. The final decision is not admitted as yet. After closure of crude aluminum supplies to ZAlK and aluminum rolled wire production in July, they sold these products from Russia, mostly via AKZ founded recently. The monthly sales are 1,500 tons of aluminum.

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Oleg Deripaska may leave position of UC Rusal’s general director

UC Rusal, which completed the refinancing of its debt in the amount of $11 billion at the end of August, may begin a corporate transformation. According to unofficial information, Oleg Deripaska intends to transfer the post of general director to his first deputy, Vladislav Soloviev. Besides, the holding company En + of Mr Deripaska, which owns 48.13% of UC Rusal’s shares, announced the possibility of the release of Norilsk Nickel’s shares from the balance of the company. This, according to En +, may hasten the start of dividend payments by UC Rusal. But this issue hasn’t yet been discussed with shareholders.
Oleg Deripaska could leave the post of general director of UC Rusal and become president of the company (there is no such position now), and the company will be leaded by the first deputy CEO Vladislav Soloviev, Interfax reported yesterday, citing its sources. Sources of the Kommersant confirmed this information. According to the two of them, "the topic is being discussed, but hasn’t yet been resolved," one of the Kommersant’s interlocutors is inclined to consider this "a closed subject".

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Glencore can help UC Rusal in Tajikistan

The Trader Glencore, which owns 8.75% of UC Rusal, is ready to invest into the modernization of the Tajik Aluminium Company (Talco). Meanwhile, the agreement of UC Rusal’s shareholders implies restrictions on the purchase of core assets by the parties, and the company itself has been trying to recover $274 million of debt from Talco. Sources of the Kommersant believe that Glencore can make the payments a condition of the investment.
The Tajik President, Emomali Rahmon has discussed cooperation in the production, processing and sale of aluminium with head of the Glencore AG’s aluminum unit Andrew Kaplan. Glencore “intends to contribute to the technological modernization of the state unitary enterprise Tajik Aluminium Company (Talco) and to restore the production capacity of the plant," the press centre of the President specified. Talco is the only aluminium producer in Tajikistan. Its capacity is over 500 thousand tons per year, but in 2013 only 216.4 thousand tons were produced, the plant made the loss in the amount of $40 million. In 2003, UC Rusal, in which Glencore owns a 8.75% stake, began working with Talco, planned to take a controlling stake in the plant, but in 2004 the partnership ended, and the companies began to be at low since 2005. In October 2013, UC Rusal reported that according to the decision of the International Commercial Arbitration in Switzerland Talco owed the Russian company $274.3 million. The court rejected a counterclaim against a structure of UC Rusal for $400 million.

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RusAl to confirm Taishet anode plant construction schedule by the end of 2014

UC RusAl plans to confirm the schedule of Taishet anode plant 'sconstruction by the end of the year and choose investors for the project, the chief executive E.Nikitin said during a telephone conference.
He has also noted that the construction of the Taishet aluminium plant will be resumed; however it directly depends on the world economy and aluminium market. So, RusAl refuses neither of these projects.
It was stated earlier RusAl terminated the construction of Taishet aluminium and anode plants because of low prices on aluminium. The company was about to proceed the construction of the first stage of anode plant in H2, 2013 after the signing of a financing agreement with VEB. RusAl has invested approximately $750 million since the start of the project in 2006.

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