Glencore

In 2012, Kazzinc increased its proceeds by 26% to $2.839 billion

In 2012, the Kazakh metallurgic company Kazzinc made proceeds in the amount of $2.839 billion that is by 26% more than in 2011, the Swiss trader Glencore, which controls Kazzinc, reports.

In 2012, the Kazzinc’s corrected EBITDA grew by 3% to $890 million, and capital costs decreased by 22% to $341 million.

As it was reported, in 2012 Kazzinc produced 301.3 thousand tons of zinc metal against to 300.8 thousand tons in 2011. Meanwhile, the gold production grew by 30.8% to 561 thousand of troy ounces, and the silver output doubled and made up 19.808 billion ounces.

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UC RusAl to reduce aluminium production in 2013

Analysts anticipate an aluminium production reduction by 4% to 4 million tons in 2013 against 2012, ITAR-TASS reports. The decline is due to the implementation of the production optimization programme of UC RusAl, within which they are about to reduce production at their enterprises with high product costs.
Earlier, UC RusAl published its operating results for 2012. In 2012 RusAl increased aluminium production by 1% to 4.173 million against 2011. The company did not report on its production forecast for 2013. Field analysts are confident that the implementation of the programme will allow an improvement the financial state of the company, but it will result in an insignificant reduction in aluminium production.

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Glencore increased its stake in Kazzinc to 69.91%

The largest raw materials trader and shareholder of UC Rusal - Glencore International PLC – has increased its stake in the Kazakh zinc producer “Kazzinc” to 69.61%.

The trader’s stake rose by means of the purchase of 18.91% of shares of the Kazakh metallurgical company from Verny Capital. To finance the deal Glencore issued the shares at the volume of 176,742,520 pieces and will pay a part by cash - $400 mln.

Initially Verny Capital was ready to sell its shares for $116 mln of shares of Glencore and $2.2 bln in cash but the agreement was broken. Read more »

UC Rusal will sell 1.4 million tons of aluminum to Glencore

UC Rusal has closed with Glencore the contract for the sales of 1.4 million tons of aluminum for $43 billion within 7 years, Bloomberg reports referring to own sources.  Glencore agreed for transaction with UC Rusal in Q4 2011, when premium for aluminum reached its record level. The European buyers paid by $130 more, in average, for the metal, then the price at LME. This year UC Rusal will sell Glencore 1.4 million tons. Read more »

Conflict between shareholders of UC Rusal

A conflict has broken out between the shareholders of UC Rusal. The formal reason was the contract with Glencore (one of the shareholders of Rusal) for the sale of more than half of Rusal’s aluminium. Renova of V. Vekselberg set a veto that was ignored by the main owner of UC Rusal, O. Deripaska. As a result the shareholders agreement was violated and Renova, that has a different position with O. Deripaska on a number of issues, has gained an opportunity to press the partners by means of the Court. Read more »

Mashkevich denies rumours on the planned sale of share in ENRC and rupture between partners

One of the founders of the Kazakhstan metallurgical groups Eurasian Natural Resources Corporation (ENRC), A.Mashkevich has denied rumours on a so-called scheduled deal on the sale of his share in the company to the world largest raw material trader Glencore International AG (Switzerland). Read more »

UC Rusal loses shareholders

There  maybe changes in the list of stockholders of UC Rusal. Sual Partners belonging to V. Vekselberg and L. Blavatnik are ready to leave the company share capital. They two hold 15.8% in the aluminium company. Under the agreement closed between the majority shareholders of UC Rusal En + by O. Deripaska, Sual Partners, Onexim by M. Prokhorov and Glencore, if Sual Partners decides to sell its share in the company, it should offer it first to En +. There's no information whether Sual Partners has offered its shareholding either to En +, or to other owners of UC Rusal. Read more »

Glencore to become ENRC shareholder?

The largest raw materials trader in the world Glencore International (Switzerland) is going to purchase 14.59% of Eurasian Natural Resources Corporation (ENRC,Kazakhstan) shares from one of the company’s founders Alexander Mashkevich, IzRus Israel portal reports with reference to a Kazakh official. Read more »

Vekselberg and Blavatnik ready to sell share in UC Rusal

Two of UC Rusa'sl founders, Sual Partners owned by V. Vekselberg and L. Blavatnik can sell the aluminum holding stocks. A source close to UC Rusal has told about probable sale of 15.8% in the company. They give no reasons for such a decision. A preliminary discussion is being held at the moment and time can pass till the deal happens. Sual Partners representative rejects the information and his colleague in UC Rusal tells that the company knows nothing about such plans. Read more »

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