Gold

Primorgeologia defines perspectives on precious metals at Voznesenskaya area

Primorgeologia (a part of Rosgeologia) has confirmed the prospects of the Voznesenskaya area for gold, tin, tungsten and rare metals, and also identified the possibility of content of platinum and diamonds in subsoil, the company reported.
Primorgeologia completed field operations on making og prospective geological map of the new generation of the Voznesenskaya area - about 3 thousand km in the Chernigov, Khankaisky and Khorolskiy districts. Within the framework of a state contract, since 2012 geologists carried out a geological survey of scale 1: 200,000 and determined prospects of the area for various minerals.

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

Petropavlovsk doesn’t have money, the company wants to restructure its bonds

Unprofitable gold mining company Petropavlovsk has proposed holders of its bonds to the amount of $310.5 million to defer redemption of the securities for a period of over four years - until October 2019. Major lenders are not willing to give the company new loans and require to partially repay the existing ones, because of what Petropavlovsk plans an additional issue. Experts note that the conditions for the conversion of bonds are not very attractive.
The gold mining company Petropavlovsk has disclosed proposed to investors terms of the restructure of the bond issue for $310.5 million, which it must repay in February 2015. Petropavlovsk offers holders of the bonds to exchange them for new bonds maturing in October 2019, the coupon rate will increase from 4% to 7.5% per annum. In addition, upon requirement of creditors (the main ones are VTB - about $200 million, and Sberbank - $500 million) Petropavlovsk will have to issue new shares. One of the state-owned banks, with which the negotiations on the revision and prolongation of the covenant vacations (which will end in December 2014) are carried out from the spring, insisted on other sources of funds for the bonds restructure, Petropavlovsk reports. And "one of the major creditors" warned that it might require to pay a part of the debt or to increase deposits.

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

In January-August, Kazakhstan increased gold production by 10.1% to 30.4 tons

In January-August 2014, Kazakhstan produced 30.432 tons of raw and semi-finished gold and powder gold, which is by 10.1% more than in the same period in 2013, the Statistics Committee of the Ministry of National Economy reports.

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

"Norilsk Nickel" invites the Chinese into the "second class".

Norilsk Nickel has offered them the unclaimed projects.
As the "Kommersant" reports "Norilsk Nickel" is ready to attract the Chinese investors into the development of the fields in the Trans-Baikal region, which did not fit into its new development strategy. These are the polymetallic areas of Lugokansk and Kultuminsk, as well as the Solonechensk antimony deposit: MMC did not dare to develop them on its own due to the issues of profitability and the volume of stocks. But analysts point out that these same factors can alert the Chinese.
Last week "Norilsk Nickel" introduced the development projects of three polymetallic and one antimony deposits in the Trans-Baikal region to local investors at a meeting of the Russian-Chinese intergovernmental commission on investments in Beijing, "the Kommersant" sources informed. According to the materials of the presentation ("the Kommersant" has a copy), The company is ready to attract Chinese companies to the Bystrinsk polymetallic deposit development projects (the reserves are 14 million tons of ore containing copper, gold and iron), the Lugokansk polymetallic deposit (the reserves are 230 thousand tons of ore containing copper, gold and silver), the Kultuminsk polymetallic deposit (180 thousand tons of ore containing copper, gold, silver and iron) and the Solonechensk antimony deposit (580 thousand tons of ore, 18% of all the metal stocks in Russia). The development of these fields is aimed at "increasing the demand from China", the document informs.

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

Norilsk Nickel has received 12 offers from China about Bystrinsky GOK

On the results of participation in the session of the Russian and the Chinese intergovernmental commission for investment cooperation, Norilsk Nickel has received 12 offers from China about Bystrinsky GOK. The list includes the off-take offers, and those for the financing of the project and strategic cooperation in realization of the project. The company is going to study in details all the possible forms of cooperation, the CEO of Norilsk Nickel, P. Fedorov says.

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

Ural-Polymetal was reorganized

Polymetal, the Russian largest silver producer and one of the leading gold producers has announced about the consolidation of the Northern-Kaluginskoye deposit in the Ural region. Before the transaction, Polymetal was the owner of 49.99% in the joint venture owning the deposit. After the reorganization of the joint venture Ural-Polymetal CJSC, Polymetal bought 100% in the Northern-Kaluginskoye deposit. Ural-Polymetal liquidated, and its assets and liabilities were distributed between the shareholders. Within the process, Polymetal bound itself with debt of $20 million.

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

Alrosa will be inspected

The Ministry of Finance, the Federal Agency for State Property Management and the Accounts Chamber willinitiate a complex inspection of Alrosa. They will check several large transactions of the company including its IPO in 2013. The inspection is sanctioned by the President of Russia V. Putin, and the initiative was made by the Vice Premier Y. Trutnev overseeing Alrosa. The destiny of the chief of the company F. Andreyev will depend on the results of the inspection; Mr. Trutnev seeks for his dismissal.
A source close to the situation has told about the order of Mr. Putin to hold the complex inspection of Alrosa. It was confirmed by one more source in the presidential administration. One of them claims that under the results of the inspection, the authorities will decide whether the President of Alrosa F. Andreyev will keep his post. The order is called ‘About the personnel affairs of Alrosa’; the document was signed on August 30th, the source claims. He refuses to state the period of the inspection or any other details, referring to confidentiality of the document.
A source of Kommersant in the Government claims that the inspection was initiated by Y. Trutnev who sent to the President a letter with explanation of his unwillingness to sign the directive about re-appointment of the chief of Alrosa. Mr. Trutnev doubts effectiveness of F. Andreyev as the chief of the company and suggests to inspect reasonability of the large transactions, the source states. A source in the related department confirms the fact of the letter. The sources of Kommersant claim that Mr. Putin supported the initiative and appended instructions that the personnel affairs of Alrosa should be solved after the complex inspection of the company by the Ministry of Finances and the Federal Agency for State Property Management with attraction of the Accounts Chamber. All the sides refused to give any comments yesterday.

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

Polymetal has bought the Northern-Kaluginskoye deposit in the Sverdlovsk region

Polymetal has bought the Northern-Kaluginskoye deposit in the Sverdlovsk region. The company used to hold 49.99% in the enterprise. Polymetal bound itself with the debt liabilities of $20 million together with the purchase. They are going to continue exploration of the deposit in 2014 – 2015, and the plan of the work will be elaborated in 2016. Probable reserves of the deposit are 179,000 ounce or 5.5 tons in gold equivalent as on July 1 2014. The object bears 70,000 ounce of gold and 1.056 million ounce of silver, and few copper and zinc reserves.

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

Kazakhstani “Yubileinoye” is about to start gold processing plant construction

Kazakhstani “Yubileinoye” LLP is about to start the construction of a gold processing plant of 5 million tons of ore processing a year (with gold content of 1.7 g/t), produced by open-pit mining.
Under the licensed agreement, the plant is to be built in 2015. Earlier, they assessed the plant at $230-250 million, kursiv.kz agency states.

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

VSEGEI and Rosgeologia discover gold in Karelia

A joint field expedition of the St Petersburg geological expedition (PKGE, a part of the holding company Rosgeologia) and the A.P. Karpinsky Russian Geological Research Institute (Republic of Karelia, the Murmansk region) projects, have discovered prospective sites for gold, Rosgeologia reports.
As a result of the research, new data was received and they will fundamentally change the existing ideas about the stages of the formation of gold-uranium mineralization in the evolution of a single ore-forming system of the Karelian-Kola metallogenic province.

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

Oil and Gas, Metals and Mining, News from Russia and neighbouring countries
42a Pushkina Street; Ufa, Bashkortostan 450076; Russia
E 54° 43.48836" N 55° 55.52346"
Telephone: +7 927 303 00 25

Theme by Danetsoft and Danang Probo Sayekti inspired by Maksimer