Russia Metals and Mining

Lebedinskiy GOK and KUMZ to get equipment without paying VAT.

The RF Ministry of Industry and Trade completed the list of process equipment, analogues of which are not produced in Russia and the import of which is not subject to value added tax. The new list was approved by Decree №329 of the Russian government on April 9, 2015.
These changes are intended to support the following projects:

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List of foreign equipment, which is not be subject to VAT, changed

The Russian Government has amended the list of technological equipment, analogues of which are not produced in Russia and the importation of which is not subject to VAT, the official website of the Cabinet reports on Monday.

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Silver Bear to build GOK at silver deposit in Yakutia

Canadian Silver Bear Resources, which carries out geological exploration in Russia, plans to lay a foundation of the ore mining and processing mill at a silver deposit Vertikalnoye in Yakutia, build infrastructure facilities and field camp, TASS reports. The launch of the deposit in the Kobyaisky district of Yakutia is planned for 2017.
The company maps out to produce up to 90 tons of silver every year.

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Norilsk Nickel to pay $2 billion of dividends

Norilsk Nickel, shareholders of which have lost $600-700 million of dividends because of the devaluation of the ruble at the end of 2014, will increase the final payment for the year to 106 billion rubles or $2 billion at current exchange rates. UC Rusal, which repays debts from these money, is particularly interested in the payments, but other key shareholders of Norilsk Nickel also need funds for investment projects.
The Norilsk Nickel’s Board of Directors has recommended shareholders to pay 106 billion rubles of final dividend for 2014 (670.04 rubles per share), which is slightly more than $2 billion at the rate of April 10. Interros of Vladimir Potanin (which owns 30.3% of Norilsk Nickel) will have $663 million, $560 million will fall on UC Rusal of Oleg Deripaska (27.8%), and $118 million - on Crispian Investment Ltd. Of Roman Abramovich and Alexander Abramov (5.87%). The annual meeting of shareholders will be held on May 13, the registry will be closed on May 25.

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Vyksa metallurgical plant increased pipes production by 43%

​“Vyksa metallurgical plant” JSC (VMZ, in the structure of OMK CJSC) in Q1 2015 produced 520.4 thousand tons of pipes- by 43% more against Q1 2014. The output of railway wheels fell by 56%, CEO V. Markin, said.
According to him, the growth of pipe production is due to the rise of supply volume for the strategic partners of OMK – Gazprom and Transneft. He said that in Q1 the company shipped pipes for such projects as Power of Siberia and Bovanenkovo-Ukhta. The fall of railway wheels output is explained by the fall of demand and a negative influence of dumping supplies of the Ukrainian wheels.

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Coal export from Russia to Europe via Belarus fell by more than 20%

​Belarus announces of the fall of the Russian cargo fall to Europe, including coal by more than 20%, oil products by 15%, the Minister of Transport and Communications of Belarus, A. Sivak, said.
Coal transportation via Belarus annually made up 24-27 mln tons. According to the Minister, it is not due to the mutual sanctions.

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Coal extraction in Kuzbass stays at the level of 2014

​In Jan-March 2015 the Kemerovo region extracted 50.6 mln tons of coal, the press service of the regional administration reports.
This is by 0.6% less than in Q1 2014.
According to the Government, from the beginning of the year 14.7 mln tons of coking coal was extracted in the region, by 400 thousand tons more than in Q1 2014.
In Q1 2015, 49.7 mln tons of coal was shipped, including for export – 27.9 mln tons.
7.8 mln tons of coal remains at the stock houses of coal enterprises.

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Moody’s has confirmed the rating of Evraz Group at Ba3 level

​On April 9th Moody’s confirmed the corporate rating of Evraz Group at the level of Ba3, the agency says. The default probability rating of the issuer is confirmed at the level of Ba3-PD, priority unsecured rating of bonds – at B1 level. The forecast by the ratings is stable.

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UC Rusal starts bauxites extraction at the deepest mine in Russia

​The “Cheremukhovskaya-Glubokaya” mine has become the deepest in Russia (1,550 m) and has entered the top-5 deepest mines of the world.
UC Rusal has started to extract bauxites at the deepest mine in Russia. This week the first complex of the “Cheremukhovskaya-Glubokaya” mine of the North-Ural bauxite mine was put into operation.
The total investment volume into the construction of the mine is over 5.8 bln roubles.
“For the first time within a decade a new mine has been discovered in the North Urals. We plan to extract up to 1.2 mln tons of bauxites a year at the “Cheremukhovskaya-Glubokaya” mine. This is about a half of the total extraction of the North-Ural bauxite mine”, CEO of Rusal, V. Solovied, said.
The launch of the “Cheremukhovskaya-Glubokaya” mine will allow Rusal to open the access to new ore layers and reduce the prime cost of bauxites at the North-Ural bauxite mine by 15% due to the optimization of technological processes on the transportation and ore handling.

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Energy saving program of MMK gives a significant economic impact.

In 2014 the economic impact of the implementation of measures to reduce consumption of energy resources in the plant units and companies of the OJSC "MMK" Group provided over 73.3 million roubles on an annualized basis, which is almost one and a half times more than in 2013.
About half of this amount relates to the implementation of measures aimed at reducing energy consumption: more than 35 million roubles were saved, thanks to the replacement of incandescent light bulbs with energy-saving lamps, lighting modernization, decommissioning and replacement of energy consuming equipment, and so on.

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