The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Speaking of legal action. On a lighter note, it looks like Terskaya got small fine from the local traffic police recently.
https://www.rusprofile.ru/fssp/2362353
Can only imagine DS would be fuming if it was speeding related:
: - | “Sorry boss, speeding ticket”
: - / “I don’t like it when people are rushing!!!!”
Cheers Layla, this bit stuck out for me:
“For the time being, negotiations ( on the development of the project - IF ) are being conducted within the framework of an agreement on the protection of capital investments (SZPK). The republic already has such experience," commented the first deputy chairman of the government of Tuva Vladimir Donskikh.”
Sounds like assurances to help protect the investment, similar to some of the benefits we have under the ERDC agreement but this scheme is more recent:
https://www.garant.ru/ia/opinion/author/shestova/1566030/
Might be of interest regarding another explorer from a western country (Sweden) investing 9.3 billion roubles under the current circumstances:
Tuva announces readiness of Swedish Auriant to invest in local gold project
https://www.interfax.ru/russia/889378
More billions being invested into green hydrogen and ammonia, this time in Saudi Arabia:
https://www.arabnews.com/node/2260431/amp
Where are they getting the PGMs they need for the catalysts or are they going to be using another technique?
What is striking is that since the war, the mcap has fallen below the $200m that Artem’s fund was reportedly going to invest in Sakhalin (report from 2021 so before EUA).
https://sakh.online/news/16/2021-07-16/britanskiy-fond-vlozhitsya-v-ekologicheskiy-proekt-na-sahaline-158179
I don’t know if that means that the EUA2 version would have required anywhere near the same level of investment but it would have required some investment which the BoD thought they’d be able to make now since pilot production was due to start next year.
https://globuc.com/news/uk-based-eurasia-mining-plc-to-produce-hydrogen-on-sakhalin/
Shows how things have changed due to the war and the time it’s taking for the situation to become clear.
Article from last week. May be of interest to miners of Pt and also Pd from the research that NN have done that Folio shared on here yesterday.
https://www.mondaq.com/india/renewables/1286006/an-overview-of-the-green-hydrogen-policy-framework
Technology / production processes can change but if PGMs remain relevant then countries will be needing to secure their supplies, especially as the likes of China and India increase their activity in this sector.
NN are having to re-look at their production forecasts due to equipment shortages. Snippet below:
"In 2021, we gave a forecast of quite large growth by 2030 for all metals. Now, taking into account the realities in which we find ourselves, with the inability to supply equipment, a huge number of projects have been sent for redesign - both in mining and metallurgy. It will take some time. We will be ready to tell you more about the medium-term growth of production no earlier than the fourth quarter of 2023,"
Full article:
https://www.interfax.ru/business/887270
Coverage in The Barents Observer of the new lithium mines in Murmansk from Feb 9th.
No new info. but EUA also gets a mention along with some other mining projects in the area:
https://thebarentsobserver.com/en/arctic-mining/2023/02/murmansk-expands-lithium-mining-eyes-battery-bonanza
Regarding SinoSteel, I did see last year that Sino are still active in Russia through their EPCF with MMK which they added to last summer. FWIW, they seem to be quite happy with that project:
http://mecc.sinosteel.com/news_content.aspx?id=6048
Fr.Jack, it references Sino and the EPCF midway down the page you posted (homepage).
“Monchetundra PGM and Battery Metals Open Pit deposits with EPCF contract signed with Sinosteel are being advanced to production with Flanks areas to be integrated into the production plan. ”
I thought that’s what we were doing in trying to sell our Russian assets?
Either way, I think the relevant thing is that they have agreed a sale, had it approved and therefore expect to be able to get funds out of the country.
There are question marks over the sale price v asset value though.
This time for IKEA’s factories in Russia.
Sale price not disclosed so hard to know if this was on the instruction of IKEA or the Russian gov but it’s another sale approved nonetheless and IKEA obviously expect to be able to get funds out of the country.
https://www.interfax.ru/business/886429
Report references positive long term outlook for Nickel for EV batteries and for Pt as part of hydrogen economy but as also Pd for hydrogen storage, transportation and safety:
https://www.londonstockexchange.com/news-article/MNOD/nornickel-reports-full-year-2022-audited-consolidated-ifrs-financial-results/15833419
Starts next week. Can’t see any obvious Russian participants as it’s Africa focussed but it’s a big mining event so may be of interest. Some hydrogen topics on the agenda too:
https://miningindaba.com/agendas/agenda-2023
It’s difficult to get excited about the Japan tweet without an explanation of what’s behind the idea.
What is slightly encouraging is that the LNG and Oil partnership on Sakhalin 2 seems to be operating ok with the two Japanese partners involved and customers in Japan, South Korea and China receiving the product on time and in the expected volumes.
https://www.interfax.ru/business/883291
Good news that the license has been transferred but I’m intrigued as to why we haven’t taken up the option yet.
Am I right in thinking we have the option until the end of March? If so things could become interesting one way or another very soon!