Thanks for posting Arsenalles. India and Russia are also looking to develop the International North-South Transport Corridor (INSTC) which is a trade route between the two that will reduce the travel time from 40-60 days to 25-30 days. They’ll need to increase the volume of existing trade to justify the project according to the below.
https://www.aljazeera.com/amp/economy/2022/7/27/russias-new-economic-escape-route
IMO, a big indicator will be if CS has gone for McVitie’s Hobnobs or Aldi’s own brand in terms of the side biscuit for the tea service.
If he’s gone for Chocolate Hobnobs then maximum shareholder value is still on. If there are no biscuits at all, then we’re f****d.
H theofficecat, apologies - the figs I gave are for the Sino EPC with MMK for their project and the additional announced this week rather than the EUA one.
China could be a good parter or buyer, be interesting to see how this all plays out!
Sino are also researching how using green hydrogen can help reduce the carbon footprint of the furnaces used for steel making so could be a good fit for some sort agreement for EUA2 also:
https://www.chinatimes.com/amp/realtimenews/20220719003838-260410
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.
Not sure if this is relevant but Japan Gov announced earlier their support to Japanese companies looking to remain within the Sakhalin 2 projects. Also mentions construction of an ammonia plant which is linked to the transportation of hydrogen hence I thought may be worth sharing. Mitsui and Mitsubishi had a month from June 30 to apply to keep their shares in S2 so there may be some more news on that front (shortly!), unless I’ve missed it.
https://rossaprimavera.ru/news/ee8db8ed
From a couple of days ago - nothing we didn’t already know and obviously this isn’t advice as circumstances can change but good to see the view from “The Subsoil Users Association” in Russia around existing laws:
The Subsoil Users Association commented on amendments to the Law "On Subsoil"
July 12, 2022
The Interregional Association of Subsoil Users explained the latest changes in the laws governing subsoil use. Thus, in particular, the organization explained a number of nuances related to the involvement of foreign capital in mining projects in the territory of the Russian Federation.??According to the explanation of the Association, in accordance with the amendments to the legislation, legal entities formed in accordance with the procedure provided for by the laws of a foreign state are considered foreign. However, if a foreign legal entity creates an organization on the territory of the Russian Federation in accordance with the legislation of the Russian Federation, it does not give grounds for assigning the created organization the status of "foreign". At the same time, as noted in the Association, the volume of participation of a foreign legal entity in the authorized capital of the newly created organization does not play a role.??Employees of the Association in their explanation stressed that in case of obtaining a subsoil use license for a Russian subsidiary for foreign companies, there are no legislative obstacles to continuing work on the territory of the Russian Federation.
https://www.vnedra.ru/novosti/v-assocziaczii-nedropolzovatelej-prokommentirovali-popravki-v-zakon-o-nedrah-18775/
No idea! I was wondering if it’s a reference to Hamlet but that doesn’t necessarily fit with the context of the rest of it. Google translate can sometimes through up a curve ball translation! Main points for me are he still thinks the SP is undervalued despite the war and is saying this to a Russian audience which I take as a positive as things stand.
Missed this from last week - comments from the Russian investor who covers EUA for his Russian audience:
https://bitkogan.com/2022/07/08/rost-akczij-eurasia-mining/
Growth of Eurasia Mining shares
There's clearly something interesting going on on paper. And the question is not even that over the past day it has increased in price by 40%, but in a few days - by more than 70%. The main thing is turnover. Increased more than 3 times relative to the average level. We deal with the situation. We'll keep you informed.
The paper is available in the portfolio of the "Aggressive" subscription service. We remind you. In the past, there have been estimates that the fair price is about 60.
60 is not 60. Today, of course, the question is creative. However, the company is wildly underestimated. And something is clearly happening in the Danish Kingdom.
Me too DavePenny, I added a little which was reported as a sell. Looking forward to some positive news, be great to see some progress with the license, could be a catalyst if and when that happens. In the mean time we’re bobbing around, hopefully calm before the storm (a good kind of storm that is!).
Covered in Interfax today - Shell are building Europe’s largest Green Hydrogen plant in Holland producing 60 tons of Hydrogen per day from 2025.
Likely lots of electrolyzers needed so good for platinum prices globally if so.
https://www.interfax.ru/business/850974
Speaking of China - double whammy of Battery Metals and PGMs needed in these hybrids from BYD Co. in China which are classed as 0 emissions cars there:
https://www.interfax.ru/business/850563
641k cars sold in H1 (many if which were hybrids) Vs 546k Tesla.
Also mentioned the other day about Audi’s €2.6b JV with FAW for a electric vehicle factory in China. China is seeing a rise in Covid cases now but these types of projects will be important in helping their economy recover long term.
For Russia, shipping some of the metals east is appealing in itself as they need cargo for the Northern Sea Route as well.
New factory making electrolyzers used to produce Green Hydrogen announced towards the end of June. I’m not suggesting any link to EUA but the product requires Platinum and Iridium which the German Raw Materials Agency says the supply chain for is higher risk.
“Due to the ramp-up of hydrogen production, a high supply risk is already emerging as a result of the low annual production volume, as shown in the projections of the German Raw Materials Agency (DERA).”
The more the better in terms of these types of projects as far as WK is concerned.
https://rawmaterials.net/green-hydrogen-siemens-energy-and-air-liquide-to-cooperate/