The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Unfortunately it’s dairy production not PGMs so I may be milking the BRICS link. They curd have at least shown the investment amount but pat on the back for showing some inward investment. Be good if they were part of a herd of Indian investors breaking clover and investing in Russia.
https://www.interfax.ru/russia/873209
I don’t mind posting Russian media or western media - leave the link and people decide for themselves taking into account where it’s come from.
It’s the “independent” stuff which I don’t trust because it’s more difficult to know what the authors agenda. Generally it’s stuff like
“12522734 views
Truth teller channel
***Breaking News***
Someone said something that proves the MSM has been lying about something to help the democrats do something, backed by the WEF and this YouTube video from independent expert Dave Someone PROVES the whole thing is something.”
That kind of stuff I can do without.
From Russian news apparently quoting Polish Gov:
There is a high probability that the missile that fell on the territory of Poland belonged to the air defense of Ukraine. This was stated by Polish President Andrzej Duda, his words are reported by the Office of the Head of State on Twitter.
"Nothing indicates that it was a deliberate attack on Poland," Duda said. He also admitted that Warsaw has no evidence that it was a missile fired by the Russian side. At the same time, according to the president, there are many signs that it was a Ukrainian air defense missile.
https://m.lenta.ru/news/2022/11/16/duda_raketa/
Calm response from Poland and the US, working to establish the facts.
It does appear likely that these were air defence missiles - 73 of 90 Russian cruise missiles were intercepted yesterday but the scale of the attack increases the risk of this type of incident so hopefully a wake up call for Russia but I doubt it.
https://www.reuters.com/world/europe/no-concrete-evidence-who-fired-missile-polands-duda-says-2022-11-16/
Thanks for the update about the risks which we all know exist Truth but you could have mentioned that to India’s external affairs minister before he schlepped up to Moscow yesterday:
“Dr. Jaishankar’s meeting with Mr. Manturov, who is also the Minister for Trade and Industry, will focus on improving bilateral economic cooperation at a time when India-Russia bilateral trade has reportedly tripled, and Indian imports of Russian oil have grown more than 20 times in the past year.”
“The talks [between EAM Jaishankar and his counterparts] will focus on the trade and investments, transport and logistics, the use of national currencies in mutual settlements, as well as promising projects in the energy sector, especially in the Arctic shelf and the Russian Far East,” the Russian Foreign Ministry said in a statement on Dr. Jaishankar’s visit, over which he will hold talks on the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC) with Mr. Manturov.
https://www.thehindu.com/news/national/in-his-first-visit-since-the-ukraine-war-jaishankar-to-meet-manturov-and-lavrov-in-moscow/article66108395.ece/amp/
I put some of these posts into google translate, select “trader” as the language to translate into and coincidentally, each translation reads:
“I’m waiting for a buy in and quick trade because I think something could cause a spike soon but I want a lower entry so please sell your shares now so I can get what I want.”
It’s uncanny.
Putin said a lot of things yesterday. A lot of it was as you’d expect (i.e. Russian tinted, blaming the west etc), but he did make a comment about allowing investors from friendly countries into Russian mining projects. The implications of an exit (if that’s what we do) will hopefully be known and agreed in advance. My thoughts were to keep funds back to explore the remaining areas but we’ll see what happens.
"We will let our partner friends into our extractive resources, why not? Since we did it with Europeans, Americans. But they prefer to leave our market, well, the flag is in their hands - let them move wherever they want, in any direction. But is it good for them or not? I think it's really bad. They leave with losses, and. Whoever wants - let them come in, we are open for cooperation,"
https://www.interfax.ru/business/869891
It’s a tough break Ian, it seems many of the Russian soldiers didn’t know they’d be sent to invade their neighbour either. The invasion has been a complete shambles from the start.
Russian propaganda is now justifying their actions by saying Ukraine has been taken over by sects of satanists and needs to be desatanised. You couldn’t make it up. Still, it’s always the maddest ones that make the most noise, we just need to hope the majority reject their rhetoric and some sense prevails.
Here you go FWIW:
Mjd2020
Posted in: EUA
Posts: 908
Price: 6.25
No Opinion
Sinosteel - additional investment in Russia20 Jul 2022 15:47
From 18/07/22 - Sinosteel increased the contract value of their EPC with Magnitogorsk Iron and Steel Co., Ltd in Russia by approx. $104M:
https://m.sohu.com/a/568882164_313745/?pvid=000115_3w_a
I believe that the original contract value was approx $700M in 2018:
http://mecc.sinosteel.com/en/news_content.aspx?id=3644
Different sector to ours but at least shows Sinosteel are happy to add to existing investments in Russia.
That’s a risk KoC but Sinosteel increased their EPCF with one of their other Russian partners this summer. I think it was MMK (Magnitogorsk Iron and Steel Work) but will have to check although I think that was a top up of an existing EPCF rather than a completely new arrangement.
“but for reasons unknown to us”
I hate to break the news to you Woodlaker. Google what happened on 24/02/2022. Last RNS updates on progress which is understandably likely to be slower than would otherwise have been and possibly involving different parties.
I don’t know if this news page is particularly against Potanin as they’ve published a couple of similar stories over the last year, interesting goings on between Rusal and Potanin:
http://www.moscow-post.su/economics/zaklyatyy-partner-ili-stukach-oleg-vladimirovich-i-vladimir-olegovich-branyatsya-174316/
Reuters coverage:
https://www.reuters.com/markets/europe/rusal-accuses-potanin-breaching-nornickel-shareholder-pact-2022-10-24/
Legal case filed in London too!
If activating Sino came with support from the state and got us better value long term then I’d be happy with that. It would take a lot of careful work to make sure we were not at risk from UK and Russian sanctions possibly even a second listing in Russia needed if more funding required outside of the EPCF or as a lever when negotiating new ones but I’m only guessing. International projects whether this be further mining exploration or hydrogen could sit with the UK entity and show were no longer only focussed on Russia. Obviously a sale would be preferred but it’s a much different picture today compared with 2019. Either way hopefully some more development happens at MT from the spring onwards.
Kazakhstan, Georgia, Mongolia, Finland, Israel, remembering why they left Russia to avoid being cannon fodder in Putin’s vanity project.
https://vc.ru/migrate/513360-posle-nachala-mobilizacii-iz-rossii-vyehalo-okolo-700-tysyach-chelovek-forbes