Glencore, Metals and mining
ONEXIM will sell 12% of the current 17% of shares in UC RusAl for $700 million, Vedomosti writes. A deal might be clinched by the end of November
The Chinese Shandong Gold Mining Co was the main contender for the purchase of gold deposit Vasilkovskoe from Glencore in Kazakhstan, Bloomberg reports, citing sources.
Shandong Gold Mining Co or Zhongjin Gold Corp might be potential buyers of the Vasilkovskoye deposit for $2 billion.
The sources, close to the deal, say on possible sale of gold mine Vasilkovskoye, which currently belongs to Glencore Plc. Bloomberg reports.
Commission of the Federal Antimonopoly Service (FAS) deferred consideration of the case against UC Rusal for a more detailed study of materials until December 24.
The case on the grounds of violation of the Federal Law "On Protection of Competition" was opened on October 9 on the basis of the statement of the "Magnitogorsk Iron and Steel Works" (MMK).
The performance of the company was better than the consensus forecast composed by RIA Novosti according to a survey of analysts, who had expected EBITDA at $ 1.19 billion.
In H1 2015 "UC Rusal" increased EBITDA under IFRS by 3.3 times to $ 1.289 billion compared with the same period last year, the message of the company informs.
The result was better than the consensus forecast compiled by RIA Novosti according to the survey of analysts who had expected EBITDA at $1.19 billion. The revenue increased by 8.3% to $ 4.75 billion, also better than analysts' expectations, who predicted the figure of $ 4.714 billion.
The net profit of "UC Rusal" in the reporting period amounted to $879 million against losses of $ 209 million dollars a year earlier, the adjusted net profit - $ 415 million against a loss of $ 395 million, the normalized net profit - $ 830 million compared to a loss of $ 40 million a year earlier. The net debt for the period decreased by 9.4% as of June 30th amounted to $8.005 billion.
Rusal has announced of its loss of $91 mln on the results of correction of 2014 taking into account the recently published report of GMK.
In February 2015 Rusal published its report under IAS for 2014 according to which for the first time it made a net profit of $293 mln against the loss of $3.3 bln in 2013.
Rusal expected a $899 mln profit from a 27.8% package in Norilsk Nickel but as a result the stake of Rusal in Norilsk Nickel’s profit turned out to be by 435 less - $515 mln.
Finally Rusal reported of a net loss of $91 mln in 2014 instead of the previously announced net profit of $293 mln. Norilsk Nickel previously announced of a record high profit and dividends for 2014.
On April 10th the Board of Norilsk Nickel announced of its recommendation to the annual meeting of shareholders to approve the final dividends-2014 at the volume of 670.04 roubles/ share additionally to the dividends over 9 months at the amount of 762.34 roubles.
The casthouse production of the Bogoslovsky Aluminium plant (BAZ, part of RusAl) manufactured over 9 tons of protectors in March 2015. They are manufactured from aluminium alloy and meant for protection of the inside surface of the reservoirs from corrosion.
The goods, manufactured in March, were sent to an oil company Tatneft. The protectors are from special aluminium alloy to protect the inner surface of the reservoirs, tankers, separators, oil-settling tanks from corrosion.
Structures, controlled by Oleg Deripaska, have began to sort things out in court: Krasnoyarsk aluminum plant of US Rusal filled suit against Krasnoyarsk hydroelectric power station Evrosibenergo" The plant requires to reimburse 3.6 billion rubles of damage, caused by the termination of electricity supply under a bilateral agreement. The situation was brought to a court by a minority shareholder of UC Rusal - Sual of Viktor Vekselberg, who managed to pass the decision on filing a claim through the company’s Board of Directors. Under contracts with the hydroelectric power station the electricity cost the UC Rusal’s plant much cheaper, but after a sharp rise in energy prices in Siberia it becomes more and more profitable for Evrosibenergo to sell energy on the wholesale market.
On March 11, Rusal Krasnoyarsk aluminum plant (KrAZ, a part of UC Rusal, 48.13% owned by En + of Oleg Deripaska) submitted a lawsuit against Krasnoyarsk hydroelectric power station (88.9% are in En +’s Evrosibenergo) to the Commercial court of the Krasnoyarsk region, UC Rusal reported yesterday. According to the report, from October 2014, the hydroelectric power station didn’t comply fully obligations to deliver electricity and capacity to KrAZ under the bilateral agreement, signed in 2009 for a period of till 2020. Since mid-September, the station reduced the supplies to 35-37% of the required level, and since October it stopped them. KrAZ requires to compensate the damages in the amount of 3.64 billion rubles and to force the station to fulfill obligations. The plant also filed an application for interim measures, but their nature is not explained.
UC Rusal intends to appeal the nationalization of the Zaporozhie aluminum plant in international courts, the company’s spokesman reported.
"The company is a bona fide purchaser. We will appeal this decision in international courts," - he said.
Earlier on Thursday, the General Prosecutor’s Office of the Ukraine reported that the Ukraine's Supreme Court decided to nationalize the controlling stake in Zaporozhie aluminum plant, owned by Russian UC Rusal.
The largest Russian aluminum company UC Rusal has no plans to close its alumina refinery in Ukrainian Nikolayev, though it thinks that the asset is one of the most inefficient, president of UC Rusal Oleg Deripaska reported.
"We have a plant of about the same capacity in Ireland and we buy gas for it at the price of $200 (per thousand cubic meters), in Nikolaev - for $340. This makes its products the most expensive in the system (of UC Rusal),"- said Deripaska.