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Maybe Keith told CS: “With all due respect, you F’in said hopeful for end of year so you F’in answer the F’in phones because I’ll be F’d if I’m F’in doing it”.
And then CS said “Ok Keith we’ll get Yellow Jersey to do it”.
Metallurgy companies mentioned among other sectors that are planning IPOs in 2024.
https://www.interfax.ru/business/935309
Obviously EUA is not CURRENTLY exploring a dual listing on MOEX.
Potential buyers might want to consider the reason why EUA didn’t proceed with a dual listing in 2021:
“The Board has actively explored the potential benefits of a Dual Listing, including provision of an opportunity for Russian investors to have easier access to a facility for the trading of shares in the Company, but no decision has been made yet.
The Company will make a further announcement, when appropriate.
Christian Schaffalitzky, Executive Chairman of Eurasia commented: "While the Directors see the benefits of a Dual Listing, our priority is to execute on our strategy as announced".
Maybe yesterday’s note on MOEX is a reminder as to how EUA might proceed if no acceptable offer is made within the timescales set out in terms of cash runway.
Cash till the end of Q1 if the concentrate isn’t sold. Possibly the buyer for the assets hasn’t progressed knowing that cash levels are low. Maybe the unprompted mention of MOEX (not currently considering a dual listing) is to suggest we could dual list if needed in an attempt to draw out an acceptable offer.
But strange to advise no production in 2024 - how does not producing make something sale ready as opposed to buyers seeing a working operation and why make this decision now with the tax case pending?
Hopefully there will be a further update when the tax case is resolved. Strange timing for this one but must be reasons for these updates being made now.
Might see more press after Putin’s visit.
ECONOMICS
12:09, december 6, 2023
The head of the RDIF noted the attractiveness of the Russian economy in 2023 for foreign investments
Moscow. December 6. INTERFAX.RU - The growth of the Russian economy in 2023 increases the country's attractiveness for foreign investment, said Kirill Dmitriev, CEO of the Russian Direct Investment Fund. He told this to journalists "on the sidelines" of President Vladimir Putin's visit to the UAE and Saudi Arabia.
"We see that the Russian economy has performed very well this year, no one believed that the growth would be 3%. This is certainly the most important and powerful growth indicator, it is the basis for the fact that investors will continue to actively invest in Russia - the Emirates, Saudi Arabia, and other Gulf countries," Dmitriev said.
According to him, the investments of the UAE and Saudi Arabia "are an important example for other countries, which will also increase, we expect, in the next few years."
The head of the RDIF called Putin's current visit "a very important trip at a very important time" and added that the topic of mutual investment will be high on the agenda of the visit.
"We see that we will invest together, we will work together with the countries of the global South on a creative agenda, on an agenda that unites our efforts. Of course, the fact that we can sit down and discuss our successes in infrastructure, high technologies - this provides a very good basis for our cooperation on both OPEC+ and other important stories for us," he stressed.
Dmitriev also said that RDIF intends to attract another 1 trillion rubles of investment from Saudi Arabia in the next two years.
https://www.interfax.ru/business/934887
Summit is in the UAE - not a bad place to be promoting Pd in terms of it may be if interest to local investors / funds.
Long article to paste but covers prospects for continuing relevance of Pd in catalytic converters but also in hydrogen production, solar and early research on superconductors amongst other areas NN are researching.
https://www.interfax.ru/business/934812
FWIW:
IN RUSSIA
12:09, december 4, 2023
The list of reference cities and areas for the development of the Arctic has been approved
Moscow. December 4. INTERFAX.RU - The Russian government has approved the list of reference settlements in the Arctic zone of the Russian Federation, which will become the basis for the implementation of economic and infrastructure projects, according to the website of the Cabinet of Ministers.
"The government continues to work to ensure the accelerated socio-economic development of the Arctic zone of Russia. An order was signed to approve the list of reference settlements in the Arctic, which will become the basis for the implementation of economic and infrastructure projects," the message reads.
The list includes 16 agglomerations located in nine regions belonging to the Arctic zone of the Russian Federation: Kemsko-White Sea (Karelia), Vorkuta (Komi), Tiksi-Naiba (Yakutia), Norilsk-Dudinka, Dixon and Igarka (all - Krasnoyarsk Krasnoyarsk Krai), Arkhangelsk (Arkhangelsk region), Murmansk, Kirov-Apatitskaya and Monchegorsk (all - Murmansk region), Naryan-Mar (Nenets Autonomous Okrug), Pevek and Anadyr (Chukotka Autonomous Okrug), New Urengoy, Salekhard-Labytnangi and Noyabrsk (Ya-Nex Autonomous Okrug).
For example, as part of the Murmansk agglomeration, the cities of Murmansk and Severomorsk, as well as the Kola municipal district became strongholds. The Arkhangelsk agglomeration includes Arkhangelsk, Severodvinsk and Novodvinsk.
"Some of these settlements, located near mineral deposits, will become the basis for the development of mineral resource centers that ensure the development of the metallurgical industry. Priority investment projects, such as the creation of logistics centers, will be implemented in other cities and districts," the report says.
It is planned that in the near future long-term plans for integrated socio-economic development will be approved for the agglomerations included in the list.
https://www.interfax.ru/russia/934518
I notice that the dragline tweet was on 23/08 which was a couple of days after the court suspended the action of the tax office against KK on 21/08 while the appeal was heard. Perhaps the BoD wanting to say something to mark that decision but not seeing the news being worthy of an RNS as no actual change in circumstances until appeal concluded? Anyway, if we get a positive result on the case before Xmas that will be something positive to end the year.
I noticed Sweden’s Auriant Mining are still updating their share holders each quarter so be good if EUA managed the same once production starts again - unless we sell of course.
https://auriant.com/upload/iblock/7b7/atl1i3ds2mz1ochgqteiwqfn1oggi204.pdf
I think the mineral extraction tax rate decision is important - if my understanding is correct the current rate is around 22% whereas the old one was nearer 6%. What does that do to the saleability of WK when extrapolated over the life of the mine?
Does that mean I think WK will be sold if the tax decision is positive? I have no idea. Vasily being brought in was interesting, even more so the new Kola license being applied for under the KK entity. Why has it been done this way? Is this also tax related or related to what’s going to happen with WK or something else?
We may find out something after the appeal is concluded which by some accounts is due in a couple of weeks barring any delays. At worst, I’m hoping they sell the concentrate and provide an operations update.
In the mean time my feet are up and relaxed 😬
Some news from NN:
ECONOMICS
13:21, november 24, 2023
Noricnickel signed an agreement to withdraw from South African Nkomati
Moscow. November 24. INTERFAX.RU - Norilsk Nickel, through the Norilsk Nickel Africa Proprietary Limited (NNAf) company, a member of the group, has concluded an agreement to transfer a 50% share in the Nkomati joint venture to a South African partner, African Rainbow Minerals Limited (ARM), the Russian company reported on Friday.
Under the terms of the agreement, in addition to the share in the joint venture, ARM will assume all Nkomati obligations, including environmental obligations, in exchange for an NNAf contribution payable to ARM. The closing of the transaction is expected during 2024 after obtaining the necessary permits from South African regulators and fulfilling other closing conditions agreed by the parties.
Nkomati's assets include a deposit of interspersed copper-nickel sulphide ores, an underground mine conserved in 2015, as well as a quarry. Production was discontinued in March 2021. Since 2021, the company has been in the process of conservation and reclamation.
"By entering into this agreement, Nonickel confirms its commitment to a long-term strategy to exit foreign assets that do not meet the criteria of first-classness, and also strengthens its focus on the implementation of the strategy of ensuring reliability and development of a unique mineral resource base and processing facilities in the Russian Federation," the company said in a statement.
Norilelle put up for sale its 50% of Nkomati in 2013 as part of its strategy to exit non-core and foreign assets. In 2014, a binding agreement on the sale of Nkomati was concluded with BCL (Botswana), all permits for the transaction were obtained in 2016, but BCL refused to fulfill its obligations, and later the government of Botswana initiated a procedure for the liquidation of BCL. Nonikel conducted legal proceedings with BCL and Botswana, which ended at the end of 2021 with the payment of compensation.
https://www.interfax.ru/business/933047
Https://asia.nikkei.com/Spotlight/Supply-Chain/Japan-South-Korea-to-build-supply-chain-for-hydrogen-and-ammonia#:~:text=The project aims to develop,California together on Nov. 17.
I’ve seen some comments in Russian articles previously about Korea being a potential buyer of Russian Green hydrogen. I’m not suggesting this has any bearing on EUA as it probably doesn’t but this initiative could be of interest if EUA2 ever gets off the ground.
It’s a delicate topic Brookkers. This from October outlines the difficulty Europe has in terms of how much they rely on Russia for Critical Metals and shows some of the volumes which have been bought since the war. Obviously sanctions are a risk both in terms of tariffs and the likes of NN needing source equipment and financing but the flow of metals still seems to be happening.
https://www.investigate-europe.eu/posts/russia-sanctions-europe-critical-raw-materials-imports
Excuse the typos, these are from interfax or google translate:
12:11, november 8, 2023
Nonickel noted the return of part of the company's metal buyers
Moscow. November 8. INTERFAX.RU - Some of the clients of Norilsk Nickel, who refused to purchase the company's metals earlier, are now discussing the return and contracts for 2024, said Mikhail Borovikov, Director of the Investment Community Department of the company.
"The situation is becoming less confrontational and tough," he said.
Borovikov also reiterated that Noril Norillicil managed to reverse the trend of growth of working capital, which was formed in 2022 due to the lengthening of transport chains and the accumulation of finished products.
In addition, the trend of destocking (decrease in reserves) in the metal market, as Nonickel expects, will be replaced by a trend of restoling next year.
The news is being supplemented
https://www.interfax.ru/russia/929579
“U.S., European officials broach topic of peace negotiations with Ukraine, sources say”
https://www.nbcnews.com/news/world/us-european-officials-broach-topic-peace-negotiations-ukraine-sources-rcna123628
Bobby, if the costs due from Gowling relate to the Logik case then this is the Deeside deal - a totally UK based dispute between the the UK Plc and a UK law firm about fees for a UK based case. In that scenario you’d expect that the BoD could raise if needs be to pay any obligations unless I’m missing something? If so what’s the worry about? Don’t get me wrong I’m not happy about this though.
DR is correct, it’s on Caseboard. Hopefully they have it in hand but it’s a pretty poor state of affairs to allow things to escalate that far. Very poor advert for any sale process. Keith better be putting a decent RNS together.