JD400
10 years ago
Nickel Prices Climb Most Since 2012 on Deficit Forecast By Maria Kolesnikova and Luzi Ann Javier May 19, 2014 1:19 PM
Nickel jumped the most since 2012 as OAO GMK Norilsk Nickel, the world’s largest producer of refined metal, said the global market will swing to a deficit next year. Copper in London rose to a 10-week high.
The global nickel surplus will drop to a four-year low in 2014, Norilsk said today. Demand will exceed output through 2019 as consumers seek to replace supplies from Indonesia, the world’s largest producer from mines, after the government barred exports of raw ore in January, Macquarie Group Ltd. said last week. On May 13, the price surged to a 27-month high and tumbled 11 percent in the following two sessions.
Last week’s “pullback in prices presents a solid buying opportunity,” Goldman Sachs Group Inc. analysts including Max Layton said in a report. “Our overarching view on nickel is that prices will first need to rise in order to incentivize a substantial build out of smelter capacity in Indonesia.”
Nickel for delivery in three months climbed 5.7 percent to $20,100 a metric ton by 9:18 p.m. on the London Metal Exchange, the biggest gain since Sept. 14, 2012. On May 13, the price reached $21,625, the highest since February 2012.
Goldman affirmed its forecast that prices will rally to $22,000 over the next three to six months. Through May 16, nickel climbed 37 percent this year.
Copper gained 0.9 percent to $6,925 a ton ($3.14 a pound). Earlier, the price reached $6,954, the highest since March 7. Stockpiles monitored by the LME have slumped 50 percent this year to 183,050 tons, the lowest since September 2008.
On the Comex in New York, copper futures for July delivery rose 0.6 percent to $3.167 a pound.
Aluminum, tin, lead and zinc gained in London.
To contact the reporters on this story: Maria Kolesnikova in London at mkolesnikova@bloomberg.net; Luzi Ann Javier in New York at ljavier@bloomberg.net
To contact the editors responsible for this story: Millie Munshi at mmunshi@bloomberg.net Steve Stroth
JD400
10 years ago
DGAP-News: MMC Norilsk Nickel: NORILSK NICKEL PRESENTS ITS ANNUAL STRATEGY UPDATE
DGAP Corporate News
Monday May 19, 2014 8:30 AM
EquityStory.
RS, LLC
-News: MMC Norilsk Nickel / Key word(s):
Miscellaneous
MMC Norilsk Nickel: NORILSK NICKEL PRESENTS ITS ANNUAL STRATEGY UPDATE
19.05.2014
/ 18:30
---------------------------------------------------------------------
NORILSK NICKEL PRESENTS ITS ANNUAL STRATEGY UPDATE
London
,
May 19th, 2014
- MMC Norilsk Nickel (hereinafter,
Norilsk Nickel
or
the Company), the world's largest nickel and palladium producer, hosted
today its annual strategy update providing the investor community with a
comprehensive review of its progress on the new strategy approved in 2013.
The new approach to managing the business with its focus on the return on
capital produced results already in 2013 as Norilsk increased its
year-on-year cash flow by a factor of five despite an unfavorable commodity
market environment and declining nickel prices.
Today the company unveiled the reconfiguration program for its downstream
assets. The program entails modernizing processing facilities,
consolidation of smelting and refining capacity to maximize the economies
of scale for the operations and a corresponding shutdown of outdated
facilities, including the Nickel Plant in the city of Norilsk.
Capital
investment in the program of downstream restructuring will amount to
$1.5bn
and will cover upgrading Talnakh concentrator facility and expansion of
Nadezhda
smelter in the Polar division as well as upgrading and scaling up
the
Monchegorsk refinery
by 2016-17.
With regard to the planned shutdown of its Nickel Plant in Norilsk by 2016,
the company is engaged in the dialogue with the Government of
Russian
Federation
in order to define a co-investment approach for this important
social and environmental project.
The company has also developed and implemented operational improvement
"roadmaps", which are expected to have a material impact on profitability
already in 2014. Efficiency gains and investments into modernization should
result in additional EBITDA of more than
$650 million
per annum starting
from 2018.
As a part of the ongoing strategic portfolio review,
Norilsk Nickel
received an independent technical assurance for Bystrinsky project
confirming the viability of its financial model. The Company approved the
project at its Investment Committee and is considering project finance
options for Bystrinsky GOK aiming to launch it in 2017.
Important constituents of the new strategic plan are corporate initiatives
targeting additional shareholder value over the period of 2013-2016, which
is expected to be equivalent to an annual EBITDA. The initiatives include
halving of working capital (from
$4 bn
to
$2 bn
), release of more than
$1
bn
of nonproductive capital via exit from non-core and low margin assets,
and a reduction of SG&A and purchasing costs.
Over the 2014-2017 period, the Company is guiding its total capital
investments to be around
$9.5 bn
. The Company is considering non-recourse
funding sources, in particular,
$1 bn
project financing for Bystrinsky GOK
project, which is included in the total capex.
The Company is taking its dialogue with the government to a new level. The
Company is engaged into public-private partnership to develop large
infrastructure projects. Jointly with the Government of the
Russian
Federation
, the Company is preparing accelerated development programs for
Taymyr region, improvements into legislation to stimulate exploration and
long-term growth of non-ferrous and precious metals mineral resources as
well as initiatives for the development of infrastructure.
The CEO,
Vladimir Potanin
commented: "We are delighted to provide
investment community with an updated development strategy for Norilsk. Last
October we defined the main principles of our strategic vision, and laid
down the foundation for our sustainable development. Our 2013 results
confirmed that we are progressing well towards our strategic goals. We
believe that the delivery on our next three-year targets will require an
absolute focus of the management on our objectives and a lot of hard work.
I believe that in the coming years, the world's best mineral resource base
and a highly experienced management team will enable us to open a new
chapter in
Norilsk Nickel's
http://www.kitco.com/news/2014-05-19/DGAP-News-MMC-Norilsk-Nickel-NORILSK-NICKEL-PRESENTS-ITS-ANNUAL-STRATEGY-UPDATE.html
Soapy Bubbles
15 years ago
Publications
2008 OCT 7 - (NewsRx.com) -- Mincom, a leading global software and services provider to asset-intensive industries, has extended its global footprint by focusing its efforts in the Commonwealth of Independent States (CIS), which includes emerging markets like Russia and Kazakhstan, and has delivered solutions to the top three mining companies in Russia.
Allen Vaughn, executive vice president - global mining, Mincom, said, "Mincom understands that western technology is needed in the CIS to enable these markets to compete globally. At the same time the technology needs to fit the local market." Mr. Vaughn continued, "Mincom recognized this need and has localized its products to meet the requirements of this unique region, including developing software in different languages and working closely with business experts in Russia and Kazakhstan to ensure that its products meet local legislation requirements."
In April 2008, Mincom signed its first Mincom Ellipse customer in Kazakhstan, JV Inkai (a joint venture between Cameco and the Kazakh government) in a multi-million dollar software and services deal. The project is providing the joint venture with the business backbone for its new in situ recovery uranium mine.
Vaughn said, "This is significant for Mincom as it extends our footprint in Central Asia. We have expertise and many years experience working in this part of the world but this is our first customer in Kazakhstan. The project is unique in its use of dual language, Russian and English and the system is designed to meet Sarbanes Oxley (SOX) compliance requirements."
Norilsk Nickel, the largest mining and metallurgical company in Russia and one of the world's largest producers of precious and nonferrous metals, is also a strategic partner of Mincom and through this partnership has progressively implemented the Mincom Ellipse system.
During the past three and a half years a number of large projects have been successfully carried out including the implementation of a maintenance management system for mobile mining equipment in all of Norilsk's Polar Division mines and an asset management module at the Taymyrsky and Oktjabrsky mines.
The solutions developed during these projects will help Norilsk to carry out a full implementation of the Mincom Ellipse system over the next three years.
Norilsk is the largest user of Mincom MineScape in Russia. Its Oktjabrsky mine, the biggest European multi-metal mine, has been using an integrated solution of Mincom MineScape for geological modeling and mine planning since 2005.
Implementation of this solution is planned for all of Norilsk's Polar Division mines. Enhancements to the existing system have been made in collaboration to meet the requirements of Russian legislation, receiving certification from RosTechNadzor for use in Norilsk's mines.
In November 2005, Mincom was awarded the prestigious annual "DARIN-2005" Award by the Russian Academy of Business and the Russian Union of Industrialists and Entrepreneurs. The accolade recognized Mincom's commitment to the development of constructive relations between Russia and the western community.
To reflect its focus in the Russian mining market, Mincom has three offices in Russia in Moscow, St. Petersburg and Norilsk.
Mincom is committed to making its customers world-class and competitive internationally and will soon begin work with clients in the Ukraine, Uzbekistan, Kirghizia and other CIS countries.
Mincom Ellipse is a fully integrated enterprise asset management application suite providing complete visibility and management of assets to capital-intensive industries of mining, utilities, defense, transportation, and government.
Mincom Ellipse enables best practice in the management of assets, work logistics, financials and human resources, enabling asset-intensive organizations to respond faster and make better decisions that directly impact the bottom line.
Mincom MineScape is a suite of integrated solutions designed for open cut and underground mining operations for coal and metalliferous deposits. It delivers extensive geological modelling and mine design functionality, and is in use by more than 200 of the world's most complex mining operations, making it the leading mine planning solution globally.
Mincom has an unparalleled depth of experience delivering mining solutions worldwide. Its industry specialists have on average 15 years experience working with mining organizations. They work hand in hand with customers, from initial implementation through to ongoing support, ensuring maximum return on investment.
This article was prepared by Science Letter editors from staff and other reports.
Copyright 2008, Science Letter via NewsRx.com.
07.10.2008 Source: Science Letter
Print version
Soapy Bubbles
15 years ago
Oleg Pivovarchuk entered Management Board as the First Deputy General director
Moscow, October 21, 2008 – The Board of Directors of MMC Norilsk Nickel (MMC Norilsk Nickel or the Company) introduced Oleg Pivovarchuk into the Management Board as the First Deputy General Director.
The Board of Directors highly appreciated professional merits and wide experience of Oleg Pivovarchuk and unanimously supported MMC Norilsk Nickel management’s initiative.
As the First Deputy General Director Oleg Pivovarchuk will supervise the Company’s external economic activities.
Pivovarchuk О.М. owns no shares or options for the acquisition of shares in MMC Norilsk Nickel, its subsidiaries or dependent companies.
“I’m grateful to MMC Norilsk Nickel’s management for the confidence given to me and I hope that my knowledge and experience will positively contribute to the Company’s development and to overcoming successfully the difficulties the Russian economy is now facing”, said Oleg Pivovarchuk.
BRIEF CV:
Pivovarchuk Oleg Modestovich
Born in 1953.
In 1975 graduated from Moscow Institute of Steel and Alloys with the qualification ‘engineer-metallurgist’, in 1992 graduated from the Russian Academy of Foreign Trade with the qualification ‘economist’.
Worked in Foreign Trade Association Metallurgimport (the Ministry of Foreign Trade, the Ministry of External Economic Relations of the USSR), occupied positions of Deputy General Director of MC Dinamo, Deputy Director for External Economic Activities of OJSC AvtoVAZ, Executive Director of Dinamo-Telecom.
Good command of English.
ABOUT MMC NORILSK NICKEL:
MMC Norilsk Nickel, a corporation incorporated under the laws of the Russian Federation, is the largest diversified mining and metals company in Russia, the world's largest producer of nickel and palladium and one of the world's largest producers of platinum, rhodium, copper and cobalt. In addition to this, MMC Norilsk Nickel produces a large number of other by-products, including gold, silver, tellurium, selenium, iridium and ruthenium.
The key production units of the Company’s group in Russia are the Polar Division and OJSC Kola Mining and Metallurgical Company. MMC Norilsk Nickel international assets include operations in Finland, Australia, Botswana and South Africa. MMC Norilsk Nickel is the majority shareholder in Stillwater Mining Company, the largest producer of platinum group metals in North America, whose shares are traded on the New York Stock Exchange.
21.10.2008
Soapy Bubbles
15 years ago
Company Announces Results of Tender of Applications by Shareholders Under the Buy-back of Outstanding Shares by MMC Norilsk Nickel
OJSC MMC Norilsk Nickel (“Norilsk Nickel” or the “Company”) announces the results of the tender of applications by shareholders in connection with the buy-back by the Company of its outstanding shares pursuant to a resolution of the Board of Directors of Norilsk Nickel dated August 22, 2008.
Norilsk Nickel announced on August 22, 2008 that it would buy back up to 7,947,000 of its shares (about 4% of the share capital of Norilsk Nickel) at a price of RUB 6,167 for one share. Applications for the buy-back of shares by the Company from shareholders wishing to sell their shares were accepted at the offices of the Company registrar, CJSC National Registry Company, in the period September 29, 2008 to October 28, 2008.
A total of 5094 duly completed applications were received from shareholders tendering their shares for sale. The total number of shares indicated in all of the applications received from shareholders amounted to 110 530 008 shares.
Since the total number of shares tendered for sale exceeded 7,947,000, shares will be purchased from shareholders on a pro rata basis to the number of shares tendered in the applications received. To determine the number of shares to be purchased by the Company from each shareholder tendering an application, the number of shares initially indicated by the shareholder in the tender application must be multiplied by a factor of 0,07189902673. Such factor was calculated by dividing the overall maximum number of shares that could have been bought by the Company from all shareholders – 7,947,000 shares, by the total number of shares indicated in all of the applications received from Company shareholders – 110 530 008.
To transfer shares to the Company shareholders whose applications have been accepted, or their authorized representatives, must come in to the office of CJSC National Registry Company where they tendered their applications for the sale of their shares once more to sign a share purchase agreement and instrument of transfer prior to the expiration of the period established for completion of the buy-back of shares by the Company – November 27, 2008.
The Company shall effect cash payment for the purchased shares in rubles within the period stipulated in the share purchase agreements to be executed with shareholders – namely, within a fifteen-day period from the date the shares are entered on the account of Norilsk Nickel in the Company share register.
ABOUT MMC NORILSK NICKEL:
MMC Norilsk Nickel, a corporation incorporated under the laws of the Russian Federation, is the largest diversified mining and metals company in Russia, the world's largest producer of nickel and palladium and one of the world's largest producers of platinum, rhodium, copper and cobalt. In addition to this, MMC Norilsk Nickel produces a large number of other by-products, including gold, silver, tellurium, selenium, iridium and ruthenium.
The key production units of the Company’s group in Russia are the Polar Division and OJSC Kola Mining and Metallurgical Company. MMC Norilsk Nickel international assets include operations in Finland, Australia, Botswana and South Africa. MMC Norilsk Nickel is the majority shareholder in Stillwater Mining Company, the largest producer of platinum group metals in North America, whose shares are traded on the New York Stock Exchange.
29.10.2008
Soapy Bubbles
15 years ago
MMC Norilsk Nickel information
Moscow, October 29, 2008 – Today OJSC MMC Norilsk Nickel (hereinafter - MMC Norilsk Nickel or the Company) has received execution documents evidencing that Arbitration Court of the Krasnoyarsk Region prohibited from performing the decision of the Board of Directors as of August 22, 2008 to buyback shares of MMC Norilsk Nickel.
Legal counsel to the Company is of the opinion that there is a basis to believe that such execution documents have not been properly served. The registrar of the Company, National Registry Company, has informed the Company today that it received analogous execution documents.
Under these circumstances the General Director Vladimir Strzhalkovsky made a decision to suspend any further action on the execution of contracts and payments to the shareholders in relation to the buyback of the Company's shares.
ABOUT MMC NORILSK NICKEL:
MMC Norilsk Nickel, a company incorporated under the laws of the Russian Federation, is the largest diversified mining and metals company in Russia, the world's largest producer of nickel and palladium and one of the world's largest producers of platinum, rhodium, copper and cobalt. In addition to this, MMC Norilsk Nickel produces a large number of other by-products, including gold, silver, tellurium, selenium, iridium and ruthenium.
The key production units of the Company’s group in Russia are the Polar Division and OJSC Kola Mining and Metallurgical Company. MMC Norilsk Nickel international assets include operations in Finland, Australia, Botswana and South Africa. MMC Norilsk Nickel is the majority shareholder in Stillwater Mining Company, the largest producer of platinum group metals in North America, whose shares are traded on the New York Stock Exchange.
29.10.2008
Soapy Bubbles
15 years ago
MMC Norilsk Nickel information
Moscow, October 29, 2008 – Today OJSC MMC Norilsk Nickel (hereinafter - MMC Norilsk Nickel or the Company) has received execution documents evidencing that Arbitration Court of the Krasnoyarsk Region prohibited from performing the decision of the Board of Directors as of August 22, 2008 to buyback shares of MMC Norilsk Nickel.
Legal counsel to the Company is of the opinion that there is a basis to believe that such execution documents have not been properly served. The registrar of the Company, National Registry Company, has informed the Company today that it received analogous execution documents.
Under these circumstances the General Director Vladimir Strzhalkovsky made a decision to suspend any further action on the execution of contracts and payments to the shareholders in relation to the buyback of the Company's shares.
ABOUT MMC NORILSK NICKEL:
MMC Norilsk Nickel, a company incorporated under the laws of the Russian Federation, is the largest diversified mining and metals company in Russia, the world's largest producer of nickel and palladium and one of the world's largest producers of platinum, rhodium, copper and cobalt. In addition to this, MMC Norilsk Nickel produces a large number of other by-products, including gold, silver, tellurium, selenium, iridium and ruthenium.
The key production units of the Company’s group in Russia are the Polar Division and OJSC Kola Mining and Metallurgical Company. MMC Norilsk Nickel international assets include operations in Finland, Australia, Botswana and South Africa. MMC Norilsk Nickel is the majority shareholder in Stillwater Mining Company, the largest producer of platinum group metals in North America, whose shares are traded on the New York Stock Exchange.
29.10.2008
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