Member Info for Mjd2020

NN are having to re-look at their production forecasts due to equipment shortages. Snippet below:

"In 2021, we gave a forecast of quite large growth by 2030 for all metals. Now, taking into account the realities in which we find ourselves, with the inability to supply equipment, a huge number of projects have been sent for redesign - both in mining and metallurgy. It will take some time. We will be ready to tell you more about the medium-term growth of production no earlier than the fourth quarter of 2023,"

Full article:

https://www.interfax.ru/business/887270

Coverage in The Barents Observer of the new lithium mines in Murmansk from Feb 9th.

No new info. but EUA also gets a mention along with some other mining projects in the area:

https://thebarentsobserver.com/en/arctic-mining/2023/02/murmansk-expands-lithium-mining-eyes-battery-bonanza

Regarding SinoSteel, I did see last year that Sino are still active in Russia through their EPCF with MMK which they added to last summer. FWIW, they seem to be quite happy with that project:

http://mecc.sinosteel.com/news_content.aspx?id=6048

Fr.Jack, it references Sino and the EPCF midway down the page you posted (homepage).

“Monchetundra PGM and Battery Metals Open Pit deposits with EPCF contract signed with Sinosteel are being advanced to production with Flanks areas to be integrated into the production plan. ”

I thought that’s what we were doing in trying to sell our Russian assets?

Either way, I think the relevant thing is that they have agreed a sale, had it approved and therefore expect to be able to get funds out of the country.

There are question marks over the sale price v asset value though.

They’ll probably rebrand as “Putin it up yourself” with a cartoon picture of Putin’s face looking puzzled as he reads flatpack instructions.

This time for IKEA’s factories in Russia.

Sale price not disclosed so hard to know if this was on the instruction of IKEA or the Russian gov but it’s another sale approved nonetheless and IKEA obviously expect to be able to get funds out of the country.

https://www.interfax.ru/business/886429

No bite on the Patrick Lancaster bait. Interesting.

I switched off and disregarded everything you wrote the second I registered that you’d written “Scott Ritter”. You might as well have cited Patrick Lancaster.

Report references positive long term outlook for Nickel for EV batteries and for Pt as part of hydrogen economy but as also Pd for hydrogen storage, transportation and safety:

https://www.londonstockexchange.com/news-article/MNOD/nornickel-reports-full-year-2022-audited-consolidated-ifrs-financial-results/15833419

Starts next week. Can’t see any obvious Russian participants as it’s Africa focussed but it’s a big mining event so may be of interest. Some hydrogen topics on the agenda too:

https://miningindaba.com/agendas/agenda-2023

It’s difficult to get excited about the Japan tweet without an explanation of what’s behind the idea.

What is slightly encouraging is that the LNG and Oil partnership on Sakhalin 2 seems to be operating ok with the two Japanese partners involved and customers in Japan, South Korea and China receiving the product on time and in the expected volumes.

https://www.interfax.ru/business/883291

Good news that the license has been transferred but I’m intrigued as to why we haven’t taken up the option yet.

Am I right in thinking we have the option until the end of March? If so things could become interesting one way or another very soon!

I’m covering all bases by both refusing to get excited but also having a clean pair of underpants, trousers and an industrial mop and bucket ready just in case.

Bit more from Potanin on the state of play at NN, impact of the war, how the business has adapted it’s supply chains and focus, his view on government involvement in the economy:

https://www.rbc.ru/business/23/01/2023/63cbcc079a79475b43927320?from=newsfeed

Online meeting covered on 20/01/2023 between the Minister of Arctic Development and Economy of the Murmansk Region and the Minister of Finance, Economic Development, Environment and Tourism for Eastern Cape.

Sounds like quite a general meeting about different parts of the economy but “high potential for the development of the mining industry” was referenced as you would expect.

“The parties outlined the main areas of cooperation, in which joint development and the search for specific points of interaction will begin.”

“The Eastern Cape has a developed industrial complex that produces components, spare parts for equipment and machinery that may be of interest to enterprises in various sectors of the economy of our region. It is also worth paying attention to the possibility of organizing the exchange of experience of specialists, ”said the Minister for the Development of the Arctic and the Economy of the Murmansk Region.”

https://invest.nashsever51.ru/list_item/news/v-murmanskoy-oblasti-obsudili-perspektivy-sotrudnichestva-s-predstaviteliami-vostochnogo-keypa

Not sure if this has any bearing on anything as I can’t see if the mining industry was specifically discussed or if the discussions was more general but it’s good to see the authorities promoting cooperation with other parts of the world.

Looks like an accounts / office manager role posted at the end of December for Kovinsky Kamen.

https://m.rabota66.ru/vacancy/id74272107?position=1#/vacancy/company/id8220161

Not that exciting but hopefully they have lots more beans to count this year.

Might be worth keep an eye for any new jobs appearing e.g. “Mover of shed loads of Rhodium” would be a good sign if it popped up.

Regarding mobilisation - Putin’s press spokesman said only yesterday:

“Peskov: Putin will not announce new mobilization or regime change of NVO”

https://www.vedomosti.ru/politics/news/2023/01/17/959421-putin-ne-budet-obyavlyat

Still, that probably means the opposite will happen and they will announce it. The last mobilisation was a shambles and no reason the next one will be any better.

Below quote is from November from their Resources to Market company.

Seems too sensitive for Mitsubishi to be a potential buyer or major partner right now and we’re clearly referencing BRICS countries but this shows there is demand which will need to be fulfilled from somewhere. Hopefully EUA have found some BRICS equivalents of Mitsubishi who are keen to secure their own supplies of Nickel and PGMs.

““The Group has been working on building our future portfolio: projects designed to create a circular economy, in the green metals space as well as in raw materials for batteries like lithium, nickel and platinum group metals for electrification and the development of hydrogen-based society. This is part of the business’ constant transformation to respond to the market’s needs,” he adds.”

https://www.hcgroup.global/hc-insider/leadership-thoughts/in-conversation-with-vineet-kohli-ceo-of-mitsubishi-corporation-rtm

I wouldn’t get bogged down by the HCW report. The potential sale update RNS from 28/10/2021 sets out the same thing but a couple of months before.

“James Nieuwenhuys, CEO and Managing Director of Eurasia commented: "We are advancing our development projects to production, increasing production on our operating mines adding value to Eurasia, while also focusing on other strategic options that are progressing well".”