Member Info for Mjd2020

03/07/2023 - “…at West Kytlim, newly appointed CEO Vasily Kudrin is in charge of pre-sale activities. Vasily has a strong audit background with Ernst & Young and other firms in various senior roles including a partner position.”

Assume he’s still there although wasn’t listed as the Director of KK at the Russian records the last time I looked. Either way, this issue is annoying, especially with it happening at the last moment. Hopefully this is resolved in good time.

With regards to suspending to avoid a leak - why not just suspend pending an announcement like a normal company would.

It’s recent state level discussions that involve India potentially investing in Russian mining projects and Russian mining companies helping India develop it’s resource base Offler.

India was mentioned in the September 2022 RNS but not the December 2023 RNS which states active discussions with parties in Hong Kong and Russia.

I agree, nothing to get excited about here unless an RNS says otherwise but I think the potential cooperation between India and Russia in this sector could be beneficial - even indirectly it could make China feel it has less of a free run when it comes to bidding for investments.

This article is from this month - would be more interesting if the reference to India hadn’t dropped out the last RNS that mentions locations of the counterparties but things can change.

The first part talks about how India wants Russian mining tech and know how but the second part says Russia wants Indian investment into it’s mining sector.

https://www.business-standard.com/amp/industry/news/india-looks-at-russia-to-secure-rare-mineral-mining-tech-partnership-124061200858_1.html

Hi Jarv, thanks for posting the notes from the meeting.

The accounts should tell us about events that have happened since the end of the reporting period in the notes. They will also need to put a rationale for the going concern basis that the auditor will need to see evidence of and sign off on. So in theory, we should find out what the BoD’s plans are in terms of does production form part of the plan as to how the company will be funding itself this year. Then we’ll have the interim update to follow relatively soon as well.

India dropped off the most recent list of countries where counter parties were based. Wonder if they’ll resurface as their green hydrogen policy takes shape.

Modi 3.0 Cabinet: Pralhad Joshi becomes Union Renewable Energy Minister

A die-hard RSS loyalist and long-time BJP worker Pralhad Joshi has been appointed New & Renewable Energy Minister, who replaces RK Singh as he lost the election from the Arrah constituency.

Joshi is a five-time member of Parliament from the saffron party's bastion of Dharwad in Karnataka.

His main challenge will be to push the National Green Hydrogen Mission in the country. The government had also provided Rs 19,744 crore for setting a manufacturing capacity of electrolysers used for producing green hydrogen. The mission also provides incentives to produce green hydrogen and ammonia.  

Besides, Joshi will have to ensure 50 GW capacity addition of renewable energy every year to achieve the ultimate target of 500 GW of non-fossil fuel-based power generation by 2030.

India has set a huge trajectory of renewables to achieve the ambitious target of net zero emissions by 2070.

https://www.business-standard.com/amp/india-news/pralhad-joshi-becomes-union-new-renewable-energy-minister-124061000953_1.html

GLG - regarding DS, I don’t think anything has changed since the below unless I missed it. Also DS’s associate from Lybrion Vasily was appointed locally last year.

21/12/2022

The Company continues to focus on selling its Russian assets, a process led by Mergers and Acquisitions Officer Dmitry Suschov with support from Artem Matyushok, Non-Executive Director of the Company, as well as from the Company's Representative Office in Japan.

 

They will need to clarify how the company and subs are being funded over the next 12 months though. Unless Tax rebates cover this or if it’s possible to raise then the only alternatives are debt which is very expensive locally and not a solution or production or a sale of some kind.

Ideally it would be news of a sale but if not then production at WK would be ok to give stability and if Auriant can manage quarterly production updates then no reason why EUA couldn’t.

Yes Offler, only the Hong Kong and Russian parties mentioned last time so it would make sense if the credible party either dropped out or said they wouldn’t progress at this time or revised their offer down (unless they are from one of the two locations mentioned which personally, I don’t think they are). The Indian party also seems to have dropped out or at least not been in active discussions at the time of the RNS. Things can change and CS won’t be updating on every twist and turn so as I say, be good to get an update. Hopefully accounts release are a good time to do this.

India was also mentioned in September, 2022 but not in the later RNS that stated Hong Kong and Russia. Be interesting to see what kind of update we get with the accounts.

Not sure if this has been discussed so may be old news but below appears to be the KK website.

Basic site (in Russian so translation errors are Google’s fault!) but says what it needs to and possibly interesting that the jobs are advertised there too (marked urgent).

CJSC "KOSVINSKY STONE"

CJSC "Kosvinsky Stone" is one of the largest enterprises for mining platinum group metals and gold of the Urals at alluvial deposits.

Key priorities

Mining and production on an industrial scale since 2018 - license until 2040.

The flexible modular approach of the process organization helps to increase production and production.

The feast-feast possible seas was approved in 2021 with the expansion of up to three existing allum installations.

Low-cost operations with low environmental impact - work on electrification of the site.

CONTACTS.

https://info-kk.ru

I’m not technical enough to tell if it’s a legitimate site or when it was made but the format is the same as the Goldman Digital site that DS and Vasily are linked to.

https://goldman.digital/contact/

John Meyer isn’t always correct about EUA as we know but yes this would be excellent news if true about the concentrate.

Separately, I’m looking forward to seeing how they word the sale update when the accounts are filed. It’s probably nothing but did anyone make anything of there being no reference to “terms” in the last RNS versus how the December update is written. Obviously the last RNS was reacting to SP movement and the only important bit is no guarantees of entering into binding agreements but it did make me wonder if the change was relevant or just an inconsistency.

“At best a company wanting these assets are Russian and perhaps a Chinese company”

BoD’s already RNS’d discussions are with counterparties in Russia and Hong Kong.

I agree with you on the audience Richard98. Hopefully this is his opening position but feels more like window dressing to say “we tried to negotiate”.

Not sure if this means anything but there been a few releases from Putin today. Could be a sign that the new sanctions might actually work or is he trying to take the focus is the Ukrainian peace initiative?

Putin said that the Russian Federation is making another "real peace proposal" to Ukraine

https://www.interfax.ru/russia/966608

Putin allowed the preservation of Kiev's sovereignty over Kherson and Zaporozhye regions

https://www.interfax.ru/russia/966602

Putin is ready to discuss the indivisible Eurasian security system with the West

https://www.interfax.ru/russia/966609

Nothing ground breaking but KK does seek to be actively seeking staff. These appear to be the same jobs we’ve seen before but on a different site I didn’t see previously.

The Ural Mining Company CJSC "Kosvinsky Kamen" requires employees

18:25 May 27, 2024

Author: Advertising

The Ural Mining Company CJSC "Kosvinsky Kamen" requires:

Electric mechanic for equipment repair

Duties:

- Installation and dismantling of power lines;

- Performance of works on maintenance and repair of electrical equipment of mining equipment.

Requirement: Availability of a qualification certificate (electrical mechanic for maintenance and repair of equipment of at least 3 categories) and appropriate tolerances.

Truck drivers

Duties: Transportation of rock mass from the quarry.

Requirement: Driver's license cat. "C."

Excavator drivers

Duties: Work on loading, unloading of rock mass.

Requirement: Driver's license cat. "C", "E".

The terms:

- Place of work: Sverdlovsk region, city of Karpinsk; Kytlym;

- Work on a rotational basis 20/10;

- Meals in the canteen at the expense of the employer;

- Salary - at the interview.

https://serovglobus.ru/specproekty-rs/v-uralskuyu-gornopromyshlennuyu-kompaniyu-zao-kosvinskiy-kamen-trebuyutsya-sotrudniki/

Del, I think we may have been a bit harsh criticising the time it took for the RNS to be issued. Clearly CS acted promptly:

Thursday - the relay of lit beacons which starts from YJ HQ was spotted at the perimeter of CS’s country estate. Realising the signal meant unusual SP increase detected, CS immediately dispatched Ronald, his trusty carrier pigeon to deliver an urgent message to LSE in London to be released by RNS

Friday - when no word was heard from LSE, a search party was sent to decipher the whereabouts of CS’s much loved messenger.

Sunday - by chance one of CS’s servants was walking back to the estate to start a new week’s work and stumbled across a fat looking cat from the nearby township. After much deliberation, it was assumed that Ronald must have stopped to rest on the edge of CS’s estate and had perished.

Monday - after a short service at the Parish church CS raced back to the estate and issued the RNS using a computer and that was connected to the internet.

It’s a kick in the ⚽️ ⚽️’s to have the speeding ticket RNS issued during trading hours. Does that mean it was ok for the SP to rise to whatever it was at Friday’s close but 7p or so triggered the action or was CS simply slow out of the blocks?

Hopefully all will make sense and there will be some solid news, ideally in the not too distant future.

Quite a new article from last week worth a read while the SP totters around a bit.

NN wrote the below which references a Chinese media outlet so Info will have been released there too. It suggests these new applications will increase global demand by 13.8% over the next 5 years from the existing estimated 290 tons per year. Hydrogen catalysts get a mention.

https://krasnoyarsk.dk.ru/amp/news/237204356

It’s quite a binary situation. My head says PGM prices are low, the political situation worse than being in the toilet and the cost of finance and operating in Russia is extremely high. But there is a political will for investment and as a result there are state subsidies and tax benefits coupled with an underlying case for having access to green metals. So, essentially I’m hopeful but prepared to be disappointed at the same time. I think that size of trades will be a good indicator next week.

"982 agreements were signed at the forum site for a total of 6 trillion 430 billion rubles. This is only what is not a trade secret," he said at a briefing on the results of the forum.

https://tass.ru/ekonomika/21048179

Maybe the St Petersburg International Economic Forum is creating some interest. Below isn’t EUA or PGM related but it’s a mining investment for a Murmansk based project. Obviously doesn’t mean EUA will sell or are even attending the event but maybe worth keeping an eye on the news for any similar deals in case there’s any good similarities to discuss.

07.06.24 10:00

SPIEF-2024: the Governor of the region and Apatit JSC signed an agreement for 160 billion rubles for the investment project "Development of the ore and raw material base" in the Murmansk region

Источник: https://xn----7sbhwjb3brd.xn--p1ai/news/murmanskaya-oblast-arktika-16/pmef-2024-gubernator-regiona-i-ao-apatit-podpisali-soglashenie-na-160-mlrd-rubley-dlya-investicionnogo-proekta-razvitie-rudno-syrevoy-bazy-na-territorii-murmanskoy-oblasti