Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
It’s possible that they’re reviewing today’s set of US sanctions if they’re going to provide some sort of general update as opposed to simply stating that options have been extended. Could be wrong. Hopefully find out tomorrow.
Couple of stories popped up earlier, not linking to EUA but any signs of foreign investment and separately, activity in the EV market can’t be a bad thing.
China's direct non-financial investment abroad increased by 18.7% in yuan in January-September
https://www.interfax.ru/business/927787
Also in the EV market:
Stellantis will invest 1.5 billion euros in the Chinese electric car manufacturer Leapmotor
https://www.interfax.ru/world/927706
Hopefully the US and China manage to work on improving their relations during this weeks meetings as well.
Might be of interest to see who attends this event in December.
VTB Investment Forum "RUSSIA IS CALLING!" will be held on December 7-8 in Moscow
23.10.23 12:24 Business
14th VTB Investment Forum "RUSSIA CALLING!" will be held on December 7-8 at the World Trade Center in Moscow, - reports the press service of the financial organization, - its main theme: "Life without globalization: uniting sovereign economies."
Participants and guests of the forum will be representatives of the authorities, the Russian business community, investors from China, India, Turkey, the Persian Gulf countries, the Middle East, Africa, Central and Southeast Asia and other countries with which Russia is developing cooperation, the report says.
"In the context of a change in the economic paradigm, the consolidation of the active part of society - entrepreneurs - is especially important. Today, the economy focuses on the introduction of breakthrough technologies, the implementation of infrastructure projects, the creation of new financial instruments. Many of these tasks are solved effectively only in cooperative conditions. And it's no longer about globalization, it's about partnerships, mutual investments. At what stage are we now, what risks and opportunities are there on this way, where to look for incentives for transformation - we will try to answer these questions at the forum "RUSSIA CALLING!" - Andrey Kostin, President - Chairman of the Board of VTB Bank, formulated the agenda.
On the first day of the forum, representatives of the government and leading Russian and international companies will discuss the trajectory of development of the Russian economy and the most effective strategies for strengthening the financial sovereignty of states in the current realities, - the release says.
For the first time, exclusive closed meetings with the participation of retail investors will be held on the second day of the forum. Their participants will be able to communicate with business leaders, exchange views on the prospects of financial markets, discuss the challenges facing the investment community.
The forum will be held in a face-to-face format. Everyone will be able to join the broadcast of the first day sessions and hear speakers' speeches live from anywhere in the world, the bank adds.
https://bankinform.ru/news/131066
Sweden’s Auriant Mining seems to be able to produce and sell gold in Russia without violating sanctions.
Any difference between UK and Swedish sanctions or Gold Vs Gold and PGMs?
https://www.auriant.com/upload/iblock/400/e4y97i0mqm4stxlnqyuedvc4hvootqqy.pdf
Https://www.ft.com/content/8af8c05c-8e54-40e9-9051-5a0b2b036c32
India is on the list so maybe should look at it’s wider supply chain for battery metals and similar.
Sorry to but in …
“Why have they stopped mining? And stopped processing concentrate?”
I thought they were still stripping (as per dragline tweet) but not producing.
Either way, a lot of people have shared what appears to be the reason for not producing see below ref getting the mineral extraction tax rate reviewed.
https://www.interfax.ru/amp/922075
The approach seems to have worked. Now we need to see what the situation is with the stockpile which was obviously produced before any changes were agreed and brought into effect.
Interfax story:
https://www.interfax.ru/business/926742
Maybe a success story in the exploration sector would help attract the investment they say they need.
“It is completely irrelevant to EUA, the railways won't be passing any of eua's 'assets' lol”
You have heard of the Northern Sea Route then?
“All these transport corridors make it possible to directly connect the Northern Sea Route with major logistics hubs in the south of our continent, on the coast of the Indian and Pacific Oceans.”
https://souzveche.ru/news/77108/
ACG need to complete a new acquisition by 25/01 after their $1b deal with Appian fell through.
https://www.londonstockexchange.com/news-article/ACG/extension-egm-notice/16171010
They focus on mines outside of Russia (despite the CEO being Russian!).
Won’t help EUA but if there are less targets available outside of Russia, then those who can invest in Russia might have less alternatives to chose from.
Also Appian have themselves opened a new large fund to invest in new economy metals projects.
https://appiancapitaladvisory.com/appian-raises-us2-06-billion-for-fund-iii-more-than-doubling-aum/
Again, not likely to invest in Russia but shows that investors are interested in this sector.
Hopefully EUA are in discussions with similar parties from Russia / China / India / UAE etc that are able to operate in Russia.
Found this co when looking at some of the speakers at Russia Energy week. Seems to be similarities with what EUA were looking at regarding hydrogen. Not suggesting a link with EUA but shows that foreign partners are still discussing such projects with Russian companies although the war has obviously severely affected the process.
https://h2ce.ru/en/projects/detail/hydrogen-production-on-sakhalin-its-transportation-sales-and-storage-in-the-republic-of-korea
Recent Q&A with their director:
“Who is considered as investors?
- At the moment, these are more Chinese and Korean companies. The project is aimed at the Asia-Pacific countries. I think there will be a consortium of different companies. Someone will be a technology partner, someone will be a financial partner. Someone - we already know who - will give an off-take contract, because it makes no sense to start without it.
And we determined the essential terms of the contract for the supply of 500 thousand tons of hydrogen starting from 2030.
- But you won't have time to build a PES by this point...
- It will be hydrogen from other projects. From Sakhalin, where we have a joint project with Rosatom on the production of hydrogen by steam conversion of methane with carbon dioxide capture and utilization, there will be 36 thousand tons.”
https://expert.ru/expert/2023/40/tekhnologicheskikh-prepyatstviy-net/
Possibly good news for companies that supply materials needed for the production of hydrogen?
https://www.interfax.ru/russia/925483
“is there anything to count” - very funny! This role reports to a chief accountant so they better be counting something!
CJSC "Kosvinsky Stone" Production Company. Geological exploration, geophysical and geochemical works in the field of subsoil study and reproduction of the mineral resource base.
Duties:
-Checking the correctness of accounting data in 1C;
-Calculation and analysis of financial indicators;
- Reflection of transactions in the accounting program:
- Receipt of goods and services from suppliers;
- Write-off of goods and materials, fuel and lubricants on waybills;
- Participation in inventories;
- Acts of reconciliation with suppliers, customers;
- Control of the availability of primary documents from suppliers;
- Reflection on accounting accounts and verification of the correctness of advance reports;
-Preparation of the base for reporting.
- Execution of orders of the chief accountant.
Requirements:
- Secondary special or higher education;
- Knowledge of the basics of legislation (RAS, Tax Code);
- Experience with 1C (7.7, 8.3), experience with EDI (Contour, SBIS), SPC ConsultantPlus;
- Experience with basic office programs (Word, Excel)
- Have a high level of self-organization and responsibility.
The terms:
Official employment according to the Labor Code of the Russian Federation;
Salary from 50,000 rubles,;
Work schedule 5/2 from 9:00 to 18:00. Friday is a shortened day;
The office is located at Engels, 36;
Possibility of advanced training;
Prospects for career and professional growth.
These two job adverts appear to be active at KK:
Accountant (primary documentation)
from 50,000 ₽
ZAO Kosvinsky Stone
Yekaterinburg
Experience from 1 to 3 years
Respond among the first
Reply
Engineer-adcour
from 140,000 ₽
ZAO Kosvinsky Stone
Yekaterinburg
Experience from 1 to 3 years
Respond among the first
https://ekaterinburg.hh.ru/search/vacancy?from=employerPage&employer_id=8964792&hhtmFrom=employer
I remember they advertised for an accountant last time I checked a while back so I’m not 100% sure as to how reliable these adverts are but they appear to be active from the page. Maybe someone should apply and see!
Recent recording from a YouTuber who seems to cover the wider area. Bit insensitive using “Road to Hell” as the soundtrack!
https://m.youtube.com/shorts/lbeHDUYeBIw
She also did a clip of the Severonickel plant.
https://m.youtube.com/watch?v=Tq-DNc9oBkA&pp=ygUW0JzQvtC90YfQtdGC0YPQvdC00YDQsA==
Not of any relevance but at least shows Monchetundra is still there - could do with a bigger for sale sign though!
Anything can happen covgaz but as shared by Jarv earlier this week, as of now the authorities seem to be quite supportive in improving the conditions for EUA’s sub at WK:
https://www.interfax.ru/amp/922075
ECONOMICS
01:43, september 22, 2023
The Ministry of Finance agreed to eliminate the tax leap that threatens platinum mining in the Russian Federation
Moscow. September 22. INTERFAX.RU - The Ministry of Finance of Russia has developed a draft amendments to the Tax Code, which should eliminate a sharp jump in the taxation of mineral extraction tax (MET) on concentrates containing platinum group metals, according to the response of the Ministry of Finance to Boris Titov, Commissioner under the President of Russia for the Protection of the Rights of Entrepreneurs.
"As reported in the response, the Ministry is ready to initiate appropriate amendments to the Tax Code. The draft amendments developed by the Ministry of Finance provides for a direct indication of the fact that the rental coefficient 1 is applied to the extraction of concentrates containing platinum group metals to the production of concentrates containing platinum group metals. The bill is aimed at coordination with the interested federal executive authorities," Titov's press service told Interfax.
Earlier, the business ombudsman appealed to Deputy Finance Minister Alexei Sazanov on a complaint from the management of Kosvin Stone CJSC, which is engaged in the extraction of gold-platinum concentrate. The appeal noted that in 2021 the Tax Code of the Russian Federation was supplemented by Article 342.8, describing the procedure for applying the so-called "rent coefficient". For a certain list of fossils, it was set at 3.5, that is, the tax rate increased by 3.5 times. For concentrates containing gold, the coefficient remained at 1, but the tax authorities interpreted the simultaneous presence of platinum in the concentrate as a reason to apply an increasing coefficient.
"The tax burden for subsoil users who extract platinum and platinum seed concentrate was several times greater than for their colleagues who mine concentrate with a predominant gold content. And if when introducing the rental coefficient, the task was to bring the mining rent for individual ores to the world average level of 2-3%, then among platinum miners it exceeded 6% before, and with the use of the increasing coefficient it reached almost 22% of the revenue," Titov notes.
The general director of the enterprise in an appeal to the authorized representative noted that since 2021 the tax burden on platinum production has increased several times, which led to the unprofitability of production and its stoppage.
Morning all. I’m not suggesting EUA are involved since we’re exiting Russia. However, replacement of Western investors with Chinese investors and supply contracts with Korean partners as well as targeting the wider APAC market could be promising as this shows the way investors and customers were found to move these particular projects forward.
https://www.interfax.ru/russia/922850
BoD informed us about the appeal in the notes of the 2022 accounts Tygra. I think this news on the decision is very new. Hopefully we’ll get an update from the BoD to confirm this news as my view is avoiding the need to pay the higher tax rate is material news.
Totally agree Truthfactory. I posted this in Aug around the protection for investors that the Deputy PM is proposing / negotiating to try and aid further mutual investment between Russia and China as an example.
“Chernyshenko in his greeting to the participants of the forum "Expo China - Northeast Asia" on August 23 said that the work on updating the plan of Russian-Chinese investment cooperation had reached the final stage. It is expected that this will make the working conditions for investors even more comfortable. "Cooperation between Russia and China is reaching a qualitatively new level. We also agreed to launch negotiations to update the agreement between the governments of our countries on the promotion and mutual protection of investments," said the Deputy Prime Minister.”
https://amp.ura.news/news/1052678664