Member Info for Mjd2020

It would definitely raise an eyebrow if they release the accounts with a material uncertainty comment. You’d think that would further trash the SP and make it even less favourable to complete a raise which being the BoD’s possible fall back option would possibly make negotiating the sale of concentrate and assets more difficult.

Hopefully they have progressed with the sale of concentrate and trade finance and we get a meaningful update in the accounts around what’s going on at WK and the sale process in general.

Could suggest that KK needs the working capital if it was going back into production LB? If it came to pulling money out of KK to keep the lights on at head office for another period, the funding problem resurfaces again later if no sale. If KK doesn’t go back into production then that would be a concern.

Regarding DS’s associate Vasily, I seem to remember he was listed Director or GM of KK until some time around the tax case being resolved. He may still be there in another capacity but a new person was listed as director or GM of KK.

That’s what I’m thinking too SteJSteJ. My understanding is that with trade finance the lender needs to understand who the customer is, the invoice terms and even then a charge over the company assets is normally needed.

Personally, I think the facility might need to be set up in Russia (very high rates) that’s where the seller and assets are but I could be wrong. Even if the facility was in Russia, EUA’s UK bank may need to know who the end customer was to make sure they weren’t dealing with a transaction that involves a sanctioned party.

Trade finance suggests there’s a buyer for the concentrate and an invoice to raise funds against which is repaid when the customer pays the invoice. If it is then wouldn’t it be KK raising the invoice and a Russian bank providing the facility? Sounds tricky compliance wise, maybe I’ve misunderstood how the transaction would work.

Not sure if this has been discussed already - Apologies if it has.

The U.S. included the polar branch of Norilsk Nickel and GRK Bystrinskoye in the SDN List

https://www.interfax.ru/world/977874

Will need to wait and see what the implications are.

“less than a one in a trillion chance of success”

So you’re saying there’s a chance then.

“Infinite spurious link theorem” Offer.

KF seems to have set up a company last month. This co has the same address as the EUA companies but has a different shareholder so not sure if they are connected. The industry code that I can see on this free version of the site suggests this could be an unrelated business but there are a couple of other industry codes that are hidden unless you pay for full access.

https://www.rusprofile.ru/id/1245100003367

He still appears to be listed against the EUA subs.

https://www.rusprofile.ru/person/firstov-kv-244312112854/ceo?actual_filter=actual

Probably no significance to this except Konstantin obviously has enough time to co-found another company. Whether that’s good / bad / indifferent for EUA is impossible to tell.

Most recent ref to KF in RNS’s that I could find was from July last year.

“Konstantin Firstov, is taking on additional responsibilities in accepting the appointment as Country Manager. Konstantin will have oversight of the ongoing discussions regarding the sale process.”

Not sure Makeabundle. Appreciate it’s at a different stage to MT but still be interesting to see who wins the bid (assuming someone bids!).

Also foreign companies ok to bid so may be interesting if a foreign co gets involved near to MT.

Sorry - link doesn’t work but I’m sure those who are more familiar with the Russian license sites than me might be able to share info from the government site - I don’t know how to use it so this is from another site - maybe EUA will have a new neighbour?

The right to use the subsoil area of Poaz Monchegorsky, located on the territory of the Monchegorsk district of the Murmansk region, for geological study,...

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Basic information on the lot


Current price608 454 702,00 ₽


Region: g. St. Petersburg

Start accepting price offers: 25.09.2024 10:00

End of acceptance of price offers: 26.09.2024 10:00

Start of accepting applications: 09.08.2024 18:00

End of accepting applications: 09.09.2024 18:00

Type of bidding: Open auction with an open form of submission of price proposals

Bidding section: Rent/gratuitous use

Venue: TORGI.GOV.RU


Bidding organizer: SEVZAPNEDRA

Description of the lot

Types of minerals in the subsoil area: palladium from indigenous (ore) deposits, platinum from indigenous (ore) deposits, copper ore, nickel ore. The subsoil area is located beyond the Arctic Circle in the foothills of the Monchetundra mountain range, in close proximity to the city of Monchegorsk. Name of the subsoil site: Poaz Monchegorsky Type of subsoil use: geological study, exploration and mining Main conditions of use: In accordance with the Procedure and conditions of the auction Admission of participation of foreign investors: yes Term of use of the subsoil plot: 25 Amount of the state fee for issuing a license: 7,500.00 ₽ Term and procedure for paying the state fee for issuing a license: In accordance with the Procedure and conditions of the auction Term and procedure for making the collection: In accordance with the Procedure and conditions of the auction Term and procedure for returning the collection: In accordance with the Procedure and conditions of the auction Term and procedure for making the final amount of a one-time payment: In accordance with the Procedure and terms of the auction Term and procedure for return of the deposit: In accordance with the Procedure and conditions of the auction Form of ownership: Federal property Area: 11.1 km²Information on reserves and resources: Forecast resources: palladium R1-325.9t, platinum P1-37.7t, copper P1-387.5 thousand tons, nickel R1-569.6 thousand tons.

License appears to be up for auction in September. Was this one of the Rosgeo areas we had an option for or is this something different?

https://��орги-россии.рф/lot/5161976

“more than 60 initiatives with the volume of declared investments of over $138 billion”

Some agreements to be signed in August as part of an updated Russian-Chinese investment cooperation plan.

https://www.interfax.ru/russia/971940

Metals gets a mention which is not surprising given NN’s work with the Chinese.

No direct link to EUA on the surface but both China and India seem to be discussing mutual investment at state level so could be a good thing.

Some press following the joint India / Russia Government statement…

Modi visit opens opportunities for India in Russian Arctic endowed with rare earth, crude

https://m.economictimes.com/news/economy/foreign-trade/modi-visit-opens-opportunities-for-india-in-russian-arctic-endowed-with-rare-earth-crude/amp_articleshow/111638085.cms

I understand that PGMs are not REE but critical minerals are also mentioned and PGMs do feature on India’s list of critical minerals.

Could be worth China taking note if India is going to be investing in Arctic projects over the next 5 years.

Investment can take different forms though. India agreeing to invest and cooperate in Arctic based projects including mining between now and 2029 could be a positive.

Another spurious link for you Offler…

Section from Joint Statement following the 22nd India-Russia Annual Summit

Cooperation in the Russian Far East and Arctic

29. The Sides their readiness to intensify trade and investment cooperation in the Far East and the Arctic zone of the Russian Federation. In this regard, the Sides welcomed the signing of the Program of India-Russia cooperation in trade, economic and investment spheres in the Russian Far East for the period from 2024 -2029, as well as of cooperation principles in the Arctic zone of the Russian Federation. The Program of Cooperation will provide the necessary framework for further cooperation between India and the Russian Far East region, especially in the sectors of agriculture, energy, mining, manpower, diamonds, pharmaceuticals, maritime transport, etc.

https://www.mea.gov.in/bilateral-documents.htm?dtl/37940/Joint+Statement+following+the+22nd+IndiaRussia+Annual+Summit

This Eurasia Mining Partners link could be interesting if there’s any link with EUA.

The name of the director appears slightly differently on the different sites:

WENKAI JIANG shown at https://publicreg.myafsa.com/details/240740900109/

ZHIANG WENKAI shown at https://ba.prg.kz/amp/710000000-astana/240740900109-chk-eurasia-mining-partners-limited/

It’s hard to know what the correct spelling is but there’s a Wenkai Zhang (slightly different spelling again) who appears to be linked to a Hong Kong listed company called IRICO Group New Energy that makes solar panels.

https://www.zoominfo.com/p/Wenkai-Zhang/7232117935

His name pops up on a couple of results suggesting that he is a legal counsel.

This may not be the same person and even if it was, there’s no definitive link between Eurasia Mining Partners and EUA but it’s potentially interesting.

IRICO Group

http://www.irico.com.cn/en/

We have no idea what’s happened since the last update, maybe nothing. I’ve been hoping that India has become active again, perhaps since Modi’s re-election and India focusing on their environmental agenda. It would give the parties that are referenced as being from Hong Kong and Russia food for thought.

Snippet from a legal discussion from 27/06 titled “Russia - Asia: how to create comfortable conditions for investment”

“Senior partner of Desai & Diwanji (India) Ashlesha Govariker said that in the current situation, Indian investors are ready to go to any region where entrepreneurial activity is flourishing. And here the incentives and concessions that countries will be ready to make will be important. As one of the measures, the expert proposed to create a single window system for consultations of Indian investors with Russian partners. For negotiations, Govariker suggested using such platforms as the SPBILF forum or the Middle East, through which many investments in Russia pass”

https://pravo.ru/lf/story/253764/amp/

Might be of general interest that the law firm that helped EUA win the tax case is also involved in developing relations with foreign business who are interested in investing in Russia. In this case the recent webinar was with Indian businesses but they’ve done similar with Chinese companies too.

Pepeliaev Group experts took part in a webinar for Indian business

https://www.pgplaw.ru/news/press-releases/eksperty-pepelyaev-grupp-prinyali-uchastie-v-vebinare-dlya-indiyskogo-biznesa/

Good luck everyone. Could just sell all holding at 2.4 with Halifax at 16:28 but didn’t. Won’t regret that either way as accept the risks my own responsibility if it goes wrong!

It’s because the auditor thinks that the Soviet era abacus that Vasily used at KK may not comply with international accounting standards. They’re waiting for a replacement to be shipped but it has to be routed via Kazakhstan to comply with abacus related sanctions. IMO.