Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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At the moment, the asset of FC Otkrytie has already proved the indebtedness of OJSC INGA in two instances. In April, the structure of Ruspetro filed a cassation appeal against these decisions, asking the court to suspend the recovery in connection, as they say in arbitration, with "negative consequences for the company." However, the court in May denied the petition. In addition, Moscow arbitration currently considers claims against OAO INGA for 168.4 and 62.3 million rubles from Baker Hughes, JSC, related to the reimbursement of the cost of damaged equipment. Details on the cases are not disclosed, however, forensic examinations were already scheduled during the trials, and a representative of INGA in one of the courts even stated "falsification of evidence in relation to the equipment lease agreement concluded between CJSC Baker Hughes and Limited Liability Company "Baker Hughes BV". However, in the parent company in major litigation claims for the risk of their Yugorsk assets are not seen. "The trial is a civilized way of resolving disputes. The company executes all decisions of the courts that have entered into force, taking into account the world agreements on debt restructuring, which are signed with almost all major creditors. There are no legal grounds for introducing an insolvency procedure in respect of the company, which is confirmed by judicial acts. Production activities are financed in the planned volume. In this regard, we do not see any risks for the activities of our organization, "- optimistically commented in Ruspetro. Concerning the proceedings with PJSC GEOTEK Seismic exploration in the oil and gas producing company, it was explained that at the moment the parties are negotiating on debt restructuring, which are supposedly "close to a successful conclusion." In relation to the partners of Baker Hughes, however, the company was more categorical: "Given the circumstances of the case and the terms of the contract with the contractor (Baker Hughes), we believe that we have no obligation to recover the cost of the contractor's equipment allegedly damaged production work on our well. Since the cases are pending in the court, and decisions on them have not been made, we consider it incorrect to give any additional comments on these cases, "the oil and gas producing company said in a response. Ruspetro is assured that the structure in the Khanty-Mansiysk Autonomous District is operating in "normal mode". Moreover, it assists the Oktyabrsky district with social and economic development: "It is responsible for servicing and repairing the municipal gas pipeline at its own expense, and is also preparing to begin deliveries of gas from its deposits for communal needs of the Talinka settlement at the end of 2018." Analysts note that the financial support of INGA can be provided by the market conditions.