Glencore

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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UC Rusal’s debt refinancing not completed as yet

As the Kommersant has got to know, UC Rusal of Oleg Deripaska has to come to an agreement with three banks to refinance its foreign loans for $3.68 – Natixis, BNP Paribas and Royal Bank of Scotland (RBS), to which the company owes $350 million. But the talks are difficult. RBS insists on the loan payment, including because of the sanctions against Russia. And BNP Paribas is ready to refinance the UC Rusal’s debt, if debt issues with other structures of Deripaska are solved. It may be a question of $100 million on guarantee for the loan, provided to Russian machines for purchase of Magna’s shares in 2007.
Sources that are familiar with the pace of the talks have told the Kommersant that UC Rusal must agree with the French banks Natixis, BNP Paribas and British RBS on the refinancing of two consortium pre-export loans for $4.75 billion and $400 million ($3.68 billion remains to be paid for both of them). UC Rusal’s report doesn’t include information about these banks’ loans, but according to the Kommersant’s information, the aluminium company owes about $350 million to them. According to the sources, RBS insists on the credit payment, and BNP Paribas “has unsolved problems with other assets, controlled by the main shareholder of UC Rusal Oleg Deripaska” that are discussed together with the debts of the aluminium company.

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UC Rusal can stop aluminum rolled wire production in Zaporozhye

They awaited the official order on stopping of aluminum rolled wire production in Zaporozhye in March 2014. UC Rusal can stopped aluminum rolled wire production in Zaporozhye in September 2014. The furnace used for aluminum rolled wire production needs capital repairs that was planned for April. Primary aluminum supplies to the combine are nearly stopped from the other plants of the company.

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Rusal achieves amicable agreement with Sual

On January 15th, the Board of Directors of UC Rusal approved the terms of the amicable agreement concerning arbitration proceedings in the London Arbitration court, opened by SUAL Partners against Glencore, EN+ Group,UC  Rusal and Oleg Deripaska, the Hong Kong Exhanges reported.
Claims against UC Rusal were settled due to negotiations. In accordance with amicable agreement, after the fulfillment of certain preliminary conditions, the arbitration proceedings against UC Rusal will be terminated and Sual will withdraw its demands of judicial restraint to fulfill, terminate and compensate losses concerning long-term supply contracts that are object of these proceedings. The company doesn’t make any payments, as well as doesn’t undertake any financial obligations in accordance with terms of the amicable agreement.

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New Enhancements to Rusmininfo,full story selector available in Russian

Rusmininfo is pleased to announce some further enhancements to the news service.This week we have launched a full story selection system in Russian so now every user can select the news they want to receive according to their exact parameters in both Russian and English for full e-mail alerts.
To set up your new selections please log in and click on 'My News Alerts' then use the drop down menu and click on the companies,countries and sectors you want to receive news on.
If you have mislaid your log in details please e-mail [email protected]
Best Regards
Rhod Mackenzie
Managing Director

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Sual to accuse En+ of breach of agreement of UC Rusal’s shareholders during annual meeting

Sual Partners Limited of Viktor Vekselberg and Leonard Blavatnik, which owns 15.8% of Rusal’s shares, plans to lay claims to En+ of Oleg Deripaska (owns 48.13% of Rusal) because of breach of a shareholder agreement during the annual meeting of the aluminum giant’s shareholders, Sual reports.
Earlier shareholders voted against the initiative of Sual Partners to dismiss Elsie Leung from the position of independent non-executive director of Rusal. The executive director of the Institute of Corporate Law and Corporate Management Dmitry Vasilyev was offered to be elected for her position. At the same time, the Rusal’s Board of Directors opposed the resignation of Leung.

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Tony Hayward appointed to the Board of Directors of Glencore Xstrata

Ex-BP CEO Tony Hayward received an appointment at the Board of Directors of a joint Glencore Xstrata, one of the world’s largest mining companies. As it is said in the press-release of the company, Hayward will hold an interim appointment of the chairman of the Board until the company finds another person.

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Rusal to increase the investments in modernization of Vostok division by three times

In 2013 UC Rusalis going to increase the investments into modernization and reconstruction of the current production of the Vostok aluminium division thrice compared to 2012 – to $48-50 million, the press service of the company reported with reference to the director of the division Vladimir Polin.
The Vostok division consisting of the Irkutsk, Krasnoyarsk, Sayanogorsk, Khakas, Novokuznetsk and Bratsk aluminium plants of Rusal increased aluminium production by 2%  - to 3.535 million tons in 2012, Interfax reports.

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Glencore and ENRC are interested in Mechel’s assets in Kazakhstan

Glencore International Plc studies the purchase of the ferroalloys assets in Kazakhstan belonging to Mechel OJSC. Glencore is mainly interested in the Kazakh assets of Mechel. Mechel is trying to sell the assets for which ENRC also intends. Now the assets of Mechel in Kazakhstan are the Shevchenkovsky nickel deposit and the chromite ore deposit “Voskhod”. Mechel, the largest steelmaking coal producer in Russia, plans to sell the assets in Russia, Kazakhstan and the Eastern Europe. The company does it to reduce the $9.3 bln of the net debt after the price fall for raw materials. The purchase of Mechel’s assets will allow Glencore to expand the production of ferroalloys after the purchase of Vale SA last year. ENRC already produces ferroalloys in Kazakhstan.

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Possible sale of unprofitable ferroalloy assets of Mechel may improve financial results of the company

According to Bloomberg, the world's largest metal-trader Glencore explores the possibility to buy the ferroalloy assets of Mechel. To date, Glencore and Mechel haven’t come to any agreement. Glencore studies the possibilities to extend its investments after the purchase of the Vale’s subsidiary, producing manganese ferroalloys, in Europe.

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