Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
Could be an infestation of “Russian Desman” moles:
“The largest is the Russian desman (Desmana moschata) of central Eurasia, which weighs 100 to 220 grams (3.53 to 7.76 ounces) and has a body 18 to 22 cm (7 to 9 inches) long and a tail nearly as long. The nine species of Old World moles”
BoD should clarify…
I’m speculating but maybe the Asian customers they were seeking to replace the European customers may have been wary of secondary sanctions if Rostec were involved.
Below is from December:
“Initially, the project was aimed at European consumers. For obvious reasons, the situation has changed. Now the company is working on identifying consumers in Asia.”
https://www.interfax-russia.ru/northwest/exclusives/gubernator-murmanskoy-oblasti-andrey-chibis-region-privlek-perspektivnye-portovye-i-sudoremontnye-proekty
No evidence to suggest that’s the case (Rostec could have left for any number of reasons) or if the project has secured any Asian customers yet but could be interesting to keep an eye out for news on this given the similarities.
None on face value other than it’s a large PGM project in Murmansk which has seen a change in owners for 25% of their shares so shows some activity.
Why Rostec exited and what Oleg Seleznev paid would be interesting to know generally.
Throwing it out there as it’s on today’s interfax newsfeed.
Https://www.interfax.ru/business/945894
ECONOMICS
17:28, february 13, 2024
Rostec withdrew from the project on the Fedorov tundra platinum and palladium field
Moscow. February 13. INTERFAX.RU - Rostec withdrew from the project to develop the metal deposit of the platinum group (MPG) of the Fedorov Tundra.
According to the Unified State Register of Legal Entities, the 25.1% stake in the company "Fedorovo Holding", which previously belonged to the structure of "Rostec" "RT-Business Development", in mid-January changed the owner: most of it, 24.9%, was received by Oleg Seleznev, former member of the board of directors of Chelyabinsk Pipe Rolling Plant (ChTPZ), a minority share of 0.2% - Andrey Grishin.
Rostec confirmed that the state corporation withdrew from the project.
Another 74.9% of Fedorovo Holding is owned by Fedorovo Minerals, whose shareholder, among others, is the former owner of ChelPipe Andrey Komarov (19%). In early 2022, Komarov gained control of the Fedorov tundra project, but soon handed it over to his partners.
The Fedorov Tundra field is located in the Murmansk region and is considered one of the largest palladium and platinum deposits in Europe. The project provides for the construction of a mining and processing plant for the extraction and enrichment of copper-nickel and platinum ore by 2027.
Apologies I was out of date - exit tax increased to 15% in October with no plans to change this when the below was published in Jan:
https://www.interfax.ru/russia/939418
My understanding is that if an asset is sold for no less than 50% of its assessed value (as assessed by the committee) then a 10% exit tax is applied. If the sale price is less than 50% then the tax increases to 20% of the sale price. I may be out of date but that’s what I understood it to be.
Might become interesting to see if he gets the 100k sigs needed to stand in the election.
I’m not saying he has a chance or even if he’s a genuinely independent candidate but he’s out there and has around 80k sigs so far. His progress could be a barometer of public opinion at least.
Peterfal mentioned this MoU between Saudi Arabia and Russia a couple of days ago which the below says “involves geology”. Be good to know what that entails.
https://www.mining.com/saudi-arabia-signs-mining-deals-with-four-nations/
No mention of Saudi in relation to EUA but they seem to be looking outside of the country too.
“As part of its push to diversify away from fossil fuels, Saudi Arabia has also established investment fund Manara Minerals, a joint venture between Ma’aden and the Public Investment Fund (PIF), to buy assets overseas.”
Can’t be bad if more parties are looking for assets whether they be in Russia or not given the limited number of targets worldwide.
Interesting! Possibly they announced it here Peterfal?
https://www.futuremineralsforum.com/exhibition/
Looks to be a big event.
Head of Russian Direct Investment Fund also looking to set up a BRICS+ fund to aid international cooperation in developing mineral supply chains announced at the event.
https://www.interfax.ru/business/939618
Morning all. Couple of links that may be of interest…
For unfriendly business, the conditions of the "exit ticket" will not be changed yet. 15% seems to be the aim but DYOR.
https://www.interfax.ru/russia/939418
Also, I hadn’t heard of this company before but Fix Price Plc is listed on LSE and MOEX. It’s Russian sub has been given permission to pay dividends to its Cypriot entity subject to certain KPIs so they are looking at how they can pay dividends to shareholders.
https://ir.fix-price.com/upload/iblock/ece/3jr7p7ufp7zamsma5cvsj6v5i9cmibg4/Press Release_Gov. permission_10Jan2024_eng.pdf
Little reference to mining ⛏:
Moscow. December 19. INTERFAX.RU - Russia welcomes the activity of Chinese business in the Russian market, sees additional opportunities for cooperation, Russian Prime Minister Mikhail Mishustin said at the 28th regular meeting of the heads of government of Russia and China.
According to him, bilateral investment cooperation is steadily expanding. "Over the past 10 years, RDIF has made a significant contribution to this, more than 40 joint initiatives with Chinese partners have been implemented. We are also launching new projects - in the automotive industry, in the mining and gas chemical sectors," said the prime minister.
"Today, additional opportunities are opening up for such cooperation, and we welcome the activity of Chinese business in the Russian market," the head of the Russian government added.
According to him, the volume of Russian energy exports to China is steadily increasing. "New large-scale initiatives in the energy sector are being worked out," he stressed.
Mishustin called the transport and logistics sector promising, where "there is a very good dynamics - freight traffic through checkpoints has significantly increased, passenger traffic is being restored." "We also see great potential in high-tech industries, including digital solutions, space, science, technology, innovation," Mishustin said.
https://www.interfax.ru/russia/936965
“Try spending a released tax provision at Tescos and do tell us how you get on”
Don’t think they have a Tesco’s in Sverdlovsk.
They have a supermarket called Yeliseyevskiy which has some good reviews on google though. Good selection of baked goods and a cafe on the second floor apparently. DYOR.
I was thinking the same, this could be very important news. Maybe they are assessing the impact in terms of do they now reconsider the decision not to produce in 2024, will they now sell the concentrate, are they in active discussions with a buyer for WK who can now remodel the potential value of the asset?
Any or none of the above could happen but you’d think having gone to the trouble of getting the decision which has taken many months that something will happen and once news is material is should be RNS’d.
Sounds like a great result on the tax case and could lead on to further positive news.
Be worth keeping an eye out for some press on this case in the next few days / weeks. BellaStar posted an article by this tax lawyer back in November who may do a follow up:
https://zakon.ru/blog/2023/11/07/novyj_podhod_po_voprosam_nalogooblozheniya_metallov_platinovoj_gruppy_101905
🇷🇺: Ok we are on your borders. Your situation is hopeless. What are your terms.
🇪🇺: We are sending our envoy.
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🇷🇺: Ok. We are leaving now. Good luck.
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