Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
Apologies I was out of date - exit tax increased to 15% in October with no plans to change this when the below was published in Jan: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 I may be out of date but that’s what I understood it to be.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.
🇪🇺: Please help us.
🇷🇺: Condolences.
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