Member Info for Mjd2020

Here you go FWIW:
Mjd2020
Posted in: EUA
Posts: 908
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Sinosteel - additional investment in Russia20 Jul 2022 15:47
From 18/07/22 - Sinosteel increased the contract value of their EPC with Magnitogorsk Iron and Steel Co., Ltd in Russia by approx. $104M:

https://m.sohu.com/a/568882164_313745/?pvid=000115_3w_a

I believe that the original contract value was approx $700M in 2018:

http://mecc.sinosteel.com/en/news_content.aspx?id=3644

Different sector to ours but at least shows Sinosteel are happy to add to existing investments in Russia.

That’s a risk KoC but Sinosteel increased their EPCF with one of their other Russian partners this summer. I think it was MMK (Magnitogorsk Iron and Steel Work) but will have to check although I think that was a top up of an existing EPCF rather than a completely new arrangement.

“but for reasons unknown to us”
I hate to break the news to you Woodlaker. Google what happened on 24/02/2022. Last RNS updates on progress which is understandably likely to be slower than would otherwise have been and possibly involving different parties.

I don’t know if this news page is particularly against Potanin as they’ve published a couple of similar stories over the last year, interesting goings on between Rusal and Potanin:

http://www.moscow-post.su/economics/zaklyatyy-partner-ili-stukach-oleg-vladimirovich-i-vladimir-olegovich-branyatsya-174316/

Reuters coverage:

https://www.reuters.com/markets/europe/rusal-accuses-potanin-breaching-nornickel-shareholder-pact-2022-10-24/

Legal case filed in London too!

If activating Sino came with support from the state and got us better value long term then I’d be happy with that. It would take a lot of careful work to make sure we were not at risk from UK and Russian sanctions possibly even a second listing in Russia needed if more funding required outside of the EPCF or as a lever when negotiating new ones but I’m only guessing. International projects whether this be further mining exploration or hydrogen could sit with the UK entity and show were no longer only focussed on Russia. Obviously a sale would be preferred but it’s a much different picture today compared with 2019. Either way hopefully some more development happens at MT from the spring onwards.

Kazakhstan, Georgia, Mongolia, Finland, Israel, remembering why they left Russia to avoid being cannon fodder in Putin’s vanity project.

https://vc.ru/migrate/513360-posle-nachala-mobilizacii-iz-rossii-vyehalo-okolo-700-tysyach-chelovek-forbes

Everest, “mainstream media” thinks Liz Truss is an idiot.

Must be very confusing for you.

Two impressive aspects of the Russian mobilisation so far:

The number of people that have left Russia since it was announced and how quickly they left - that is not leaving to be mobilised, just leaving to avoid mobilisation

The number of drunk people who did turn up to be mobilised

https://m.youtube.com/watch?v=GdgBSYkHwu4

They’re playing the blame game in Russia Tilly, some factions blaming the leaders on the ground, others blaming the MoD for poorly equipping troops. Dangerous times but at least Ukraine are kicking the Russians out of some places.

https://www.pravda.ru

No mention of Sakhalin or Murmansk in relation to hydrogen suggests those projects could be on hold? International hydrogen projects sounds interesting though and we have a stockpile of platinum to get started with. That conference Artem spoke at in Japan last year is happening again soon too.

I’m with you on that MikeC007. My note says “working hard to do it this year”. I also have “they are” when asked if the party that completed DD is still at the table and “no material offers”. Above are my notes so don’t take them as direct quotes from CS.

Personally, I didn’t get excited because working hard to do something only covers what actions are in your control. You can work as hard as you like but if the things outside of your control which are essential to a process don’t happen or if other external factors cause problems then what you’ve been working hard to do won’t happen.

I think that’s why the SP didn’t jump off that back of the comment. No one tried to ramp what was said and those who listened or attended would have appreciated the context.

Force majeure Hurtle?

Whatever the state of the media there is one undeniable fact - if a somber looking Orla Guerin ever turns up to do a report in your neighbourhood, pack up and get the **** out of there as quickly as possible because something terrible must be happening.

Below says it was 215 Ukrainians most of which were captured from Mariupol (including the Azov commander and his deputy and the Marine commander that ran steel works defence)and 10 foreigners that they exchanged for 55 Russians and Medvedchuk.

https://www.reuters.com/world/europe/russia-releases-10-foreigners-captured-ukraine-after-saudi-mediation-riyadh-2022-09-21/

Calls to protest in Russia based on the below.

“The Moscow Prosecutor's Office warned about the consequences of calls to protests”

https://www.interfax.ru/russia/863266

Does make you wonder if Mitsui could have been interested in green hydrogen from Sakhalin given they were already invested there and it’s on Japan’s doorstep:

Mitsui & Co. uses solar power to produce hydrogen in western Australia...Supplied to the ammonia manufacturing plant

The Yomiuri Shimbun
2022/09/16 19:39

Mitsui & Co. announced on the 16th that it will work with Enji, a major French power company, to start manufacturing hydrogen using renewable energy in western Australia. Water is electrolytic with electricity generated by solar power and produces up to 640 tons of hydrogen per year. It is supplied to the ammonia manufacturing plant, which is the raw material for chemicals, and it is used for decarbonization.
We agreed to invest in a local operating company owned by Enzy and acquire 28% of the shares. The total project cost is about 8 billion yen, aiming to start production in 2024. In addition to establishing a new hydrogen production plant in the Pilbara area of Australia, there will be a solar power generation facility of 18,000 kilowatts in the surrounding area.
The hydrogen produced was sent to the local ammonia manufacturing plant by a major Norwegian fertilizer manufacturer and used as a raw material for ammonia. Hydrogen produced using renewable energy is called "green hydrogen" and is expected to be used in various fields.

https://www.msn.com/ja-jp/news/money/???????????????????????…????????????/ar-AA11TU1f

Good to see that South Korea is still interested in hydrogen from Sakhalin:

September 14, 2022 08:00?South Korea is interested in importing hydrogen from the Russian Far East?

Hydrogen imports from the Middle East and Australia are associated with high transport costs?

South Korea is interested in importing hydrogen from the Russian Far East. As the PortNews correspondent reported, Jinsok Sun, Research Professor of Nanguk University of International Studies in Seoul (South Korea), said this during the St. Petersburg International Gas Forum-2022. According to him, the South Korean government aims to achieve carbon neutrality by 2050, but its own capacity to produce hydrogen in the country is very limited. The country expects to import hydrogen from the Middle East and Australia, but the transportation of hydrogen is expensive. The minimum transport leverage is with the Far East of Russia, in particular, Sakhalin.?"We will not be able to achieve a hydrogen economy without establishing an international partnership, so the key to success is the establishment of international alliances... Hydrogen from Sakhalin may be competitive due to the high cost of its transportation, I'm not sure how attractive hydrogen will be when transporting from Australia," said the scientist.?

https://portnews.ru/news/335482/

Found this last week - LLCs which are owned or partly owned by shareholders from “unfriendly countries” or where the buyer is from an “unfriendly country” can be sold with approval from the foreign investment committee according to the below:

https://nedradv.ru/nedradv/ru/page_news?obj=32a78c6fb833e980c6e44830ce06f7ba

The message being given out by the guy that runs that company to Russians who don’t like the idea is “Either PMC and convicts, or your children - decide for yourself” (in terms of who gets sent to the front line)

https://m.lenta.ru/news/2022/09/15/zeki/

The comments section on this article seems to have been turned off now but earlier there were a few people asking why this was necessary given the investment that been made into the army over the years, another asking why doesn’t “this bald bastard send his own children to the front.”

Both were valid questions.

Why hasn’t he waited 2 and a bit weeks for the interims before trying that angle. What a turnip.