Russia Metals and Mining

OMK keeps producing pipes for South Stream

The Vyksa metallurgical plant, in the structure of OMK, keeps executing the provisions of the contract on pipes production for South Stream, the head of the PR department of the enterprise, S. Zagulovsky, said.
According to him, currently the Vyksa metallurgical plant hasn’t received any notifications on the change of conditions of the signed agreements on pipes supply for the construction of South Stream due to the shutdown of the project.
“At the present time, according to the approved schedule, the Vyksa metallurgical plant keeps producing pipes for the first stage of the offshore site of South Stream”, Mr. Zalugovsky said.
According to him, in March 2014 OMK signed 2 contracts with SouthStream Transport BV, according to which the plant is to produce and supply to the customer over 600 km of pipes (over 1/3 of the necessary volume) for the construction of the first and second stages of the offshore part of South Stream.

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Shareholders of Norilsk Nickel have approved the payment of $2.78 billion of dividends over 9 months 2014

The extraordinary meeting of shareholders of GMK Norilsk Nickel OJSC has approved the rise of dividend’s payment by 2.5 times on the results of 9 months 2014 from $1.1 bln in Jan-September 2013 to $2.78 bln, 762.34 roubles per share.
In late October the Board of Directors of GMK Norilsk Nickel advised that the shareholders should approve the dividends on the results of 9 months 2014 at the amount of 762.34 roubles (about $17.6 at the exchange rate as of October 31st 2014) per general share, including on the account of the undistributed profit of past years.
About $2.78 bln were planned for these purposes, including about $1.5 bln n the form of special dividends which will be primarily financed by the funds obtained from the sale of the non-profile assets and reduction of working capital.

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Boeing and VSMPO continue their cooperation

On December 8, representatives of Boeing's visited VSMPO-Avisma corporation. The visit included talks on further cooperation with VSMPO-AVISMA, visit of shops and a meeting on the introduction of new technologies of titanium production.
Vice president of Boeing - Civil Aircrafts John Byrne and President of Boeing in Russia and the CIS stated Sergey Kravchenko visited the main production shops of VSMPO. The corporation’s general director Mikhail Voevodin showed top managers of the American aircraft building concern large investment facilities of VSMPO: a workshop section of press 4000, circle-rolling line in the forging complex and a workshop section of new skull furnaces, which is in the start-up.

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Norilsk Nickel plans to launch mooring №2 with capacity of 1.5 million tons in Murmansk in 2016

Norilsk Nickel plans to launch the mooring №2 with capacity of 1.5 million tons per year in Murmansk, the vice-governor of the Murmansk region Alexei Tukavin reported during the IV International Forum "The Arctic: Present and Future".

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Magadangeologiya confirms perspectives of Galutsinatsiya

Magadangeologiya (a part of Rosgeologiya) has confirmed a number of promising areas for gold of the Myakit-Hurchanskaya area, including Nemichan and Galutsinatsiya, Rosgeologiya reports.

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UC Rusal to be engaged in aluminium powder

Today, UC Rusal announced the beginning of modernization of its powder business. Investments in the project will be $52 million.
The program aims to increase the production of aluminum powder products from 20 thousand tons to 25.5 thousand tons per year and increase of the share on the markets of Russia and the CIS states from 54 to 76%. It is planned to upgrade enterprises of powder metallurgy in Volgograd and Shelekhov (the Irkutsk region). The program will be implemented in 2014-2022.

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Polymetal borrowed $80 mln from Eurasia Bank

Polymetal International Plc announces of the signing an irrevocable credit line for 5 years with the Eurasia Development Bank for the total amount of $80 mln.
Polymetal International Plc has signed with the Eurasia Development Bank an agreement on a 5-year irrevocable credit line with the obligation to issue the total amount of $80 mln to finance the development of the Kyzyl gold project in Kazakhstan.
The press service of Polymetal says that the attracted funds will be spent for the financing of preparation for construction in 2015 and H1 2016, including for the preparation of the technical and economic assessment and project documentation, purchase of mining equipment, geological exploration and construction of infrastructure. The period of collection of credit funds by the agreement is 18 months.

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Polyus Gold to increase production in the Irkutsk region.

Today Polyus Gold reported that in 2014 fine gold production at Verninsk GOK (Irkutsk region) is expected to reach more than 4.5 tons, which is higher than the production plan and 64% more than in 2013. In 2015 it plans to further increase the production.
The total volume of Polyus Gold gold production in the Irkutsk region (including the Verninsk mine and the alluvial assets of Lenzoloto) is expected to reach more than 10.4 tons in 2014.

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UC Rusal to invest $10 million in production of silicon

In 2015, UC Rusal will invest more than $10 million in modernization of silicon production. The investment program will allow UC Rusal to increase the production of high quality grades of silicon, needed for the production of aluminum alloys, to 23 820 tons per year. Modernization of enterprises will also reduce the dependence on imports of foundry silicon from China.

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“Magadangeologiya” to specify resources of Burkandinsky site by 2016

“Magadangeologiya” OJSC (in the structure of Rosgeologiya) by 2016 will prepare for edition the Geological Map 1:200000 and will specify the forecast P3 gold resources at the Burkandinsky site, Rosgeologiya reports.
This season the enterprise has executed the first stage of works.
The Burkandinsky site is located on the territory of the Susumansky district of the Magadan region, Oymyakon and Momsky districts in Yakutia. The object (7.359 thousand sq km) is perspective for gold and other minerals.

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