Platinum

Costs of creation of mining and metallurgical cluster in the Trans-Baikal region to exceed 100 billion rubles

The investments into the tion of a mining and metallurgical cluster in the Trans-Baikal region may be over 100 billion rubles,the Plenipotentiary of the Russian President in the Siberia Federal District Viktor Tolokonsky stated in Novosibirsk on Wednesday.
“There are preliminary assessments of the investments. A great amount in these assessments is built in for metallurgical plant, the investor the investor which hasn’t been determined yet. Some money is needed to reconstruct a heat power plant to receive additional energy capacities. The expert assessment is 100 billion,” – Tolokonsky said.
He added that federal departments, regional authorities and private investors will discuss the project in Chita on March, 13th.

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Norilsk Nickel and Russian Platinum negotiate slowly

Norilsk Nickel and Russian Platinum negotiate rather slowly about the foundation of a joint venture in the Norilsk industrial area, the co-owner of Russian Platinum, M. Bazhayev says.At the end of January, Russian Platinum reported to Prime Agency that the sides discussed different variants of cooperation including the foundation of a joint venture on a parity basis for development of the southern part of the copper and nickel deposit in Norilsk-1. Norilsk Nickel claimed then that they discussed the prospects of cooperation in the Norilsk industrial area.

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Media: "Russian platinum" postpones the Montenegrin deposit start for two years.

Musa Bazhaev’s "Russian platinum" postpones the development of Montenegrin deposits near Norilsk. The deposit will not get the designed capacity by 2015, as it was planned previously, but in 2017, "The Vedomosti" told citing "Russian platinum".
Talks with Rosnedra about it are already held the newspaper told the source. The License Agreement is changed, Rosnedra representative confirmed. By October 2015 the field should begin commercial operation, and in 2017 mine processing capacity of 2 million tons of ore a year should be launched, the representative of the agency stated.

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Russian Platinum will increase platinum production to 40-50 tons

The Russkaya Group is going to maintain platinum production at a level of 3.6 – 3.75 tons in 2014, the president of the company M. Galayev says. In 2013, platinum yield was less than 3.6 tons. Gold production is also going to remain at a level of 3 tons, the owner of Russian Platinum M. Bazhayev says. After the launch of the Gora Chyornaya license, Norilsk-1, they are going to increase platinum production to 40-50 tons but it will happen after 2018-2019. In the near future the company is going to raise credits. It will invest $4 billion to the Krasnoyarsk region, including 30% invested by the shareholders, and the rest will be the loaned funds.

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It’s necessary to think faster, to do faster, to drill more and to steal less

After a sharp drop in demand for precious metals Russian miners start to think about the price level at which production can stop. Some Russian companies have secured themselves against crisis selling unprofitable assets or cutback of expensive projects.
General Director of Polymetal Int (which unites assets of Polymetal) Vitaly Nesis explains to the Kommersant-Khabarovsk that he is not an optimist in relation to prices, but a realist; he also assures that he won’t close enterprises if gold’s price is above $1 000 / oz.
Question: "It is clear that we are not optimists, but realists in relation to prices" - Vitaly Natanovich, now metal prices is a central issue for the entire industry. However, Polymetal continued to increase production volumes; did this insure you from the recession?
Answer: Unfortunately, the prices declined too much to compensate this fall by the increase in production. In 2013, the average price of gold fell by 24% as compared with 2012, and the silver price by 38%. It is clear that no matter how we tried, we can’t make such growth rates.
As for the further price situation – I should say that I can predict here not as the general director of the company, but just as the average man, because I don’t have any special information. I don’t expect anything good with the prices for precious metals in 2014.

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Interview with Vitaly Nesis of Poymetal: It’s necessary to think faster, to do faster, to drill more and to steal less

After a sharp drop in demand for precious metals Russian miners start to think about the price level at which production can stop. Some Russian companies have secured themselves against crisis selling unprofitable assets or cutback of expensive projects.
General Director of Polymetal Int (which unites assets of Polymetal) Vitaly Nesis explains to the Kommersant-Khabarovsk that he is not an optimist in relation to prices, but a realist; he also assures that he won’t close enterprises if gold’s price is above $1 000 / oz.
Question: "It is clear that we are not optimists, but realists in relation to prices" - Vitaly Natanovich, now metal prices is a central issue for the entire industry. However, Polymetal continued to increase production volumes; did this insure you from the recession?
Answer: Unfortunately, the prices declined too much to compensate this fall by the increase in production. In 2013, the average price of gold fell by 24% as compared with 2012, and the silver price by 38%. It is clear that no matter how we tried, we can’t make such growth rates.
As for the further price situation – I should say that I can predict here not as the general director of the company, but just as the average man, because I don’t have any special information. I don’t expect anything good with the prices for precious metals in 2014. I guess that the recovery will happen only after the reduction of the world production of gold and silver.

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Krastsvetmet strikes the production balance for 2013.

The Krastsvetmet revenue for 2013 increased by 93 % compared with the same period in 2012, reaching 31,711 million roubles. Precious metals division of the Company produced 119 tons of PGM, 131 tons of gold and 774 tons of silver. The division revenues increased by 138% compared with 2012. The division operating revenues totaled 24,110 million roubles.

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Yekaterinburg non-ferrous metal working plant is about to increase export proceeds by 40% in 2014

OJSC “Yekaterinburg non-ferrous metal working plant” (part of “Renova” of V.Vekselberg) is about to increase precious metals, semi-finished and finished goods export proceeds by a minimum of 40% to approximately $200 million in 2014 against 2013 because of product promotion to new prospective markets, first of all to China, Japan and North America. It is said about in a statement of the enterprise citing the CEO of the plant, D.Borovkov.
The total volume of export proceeds made up more than $140million  in 2013. A spokesman for the plant said to ITAR-TASS that the share of export proceeds in the general sales pattern of the plant makes up about 80%.

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In 2013, Norilsk Nickel reduced production of all metals, except copper

Norilsk Nickel, the largest world producer of nickel and palladium, has announced preliminary industrial results of its work in the 4th quarter of 2013 and in 2013.
In the 4th quarter of 2013, the nickel production made up almost 74 thousand tons that is by 1.5% more than in the 3rd quarter of 2013. On the whole, by results of 2013, the nickel production fell by 5% as compared with 2012 to 285 thousand tons due to following factors:

  • Decrease in supply of nickel matte, made by Zapolyarny subsidiary, to the Kola mining and metallurgic plant;

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In 2013, Russia increased gold production by 12.8%

In 2013, Russia increased gold concentrate production by 12.8%, and gold bars production by 16.2%. Palladium and alloys production reduced by 3.5%, and platinum and alloys production increased by 17.5%. Silver concentrate extraction and production increased by 4.4%, and unprocessed diamonds production increased by 2.5%.

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