News. Russian non-ferrous metallurgy news

Rusal is preparing to issue Panda bonds

Rusal has announced that it has registered its prospectus for a Renminbi denominated bonds issue (Panda bonds), totaling up to 10 billion yuan ($1.5 billion) with a tenor of 7 years. Rusal becomes the first overseas company with global operations outside of China that is seeking to offer bonds to investors within the Chinese debt market through this placement on the Shanghai Stock Exchange. Rusal can take the bond placement decision in the next 12 months following the registration of the prospectus. ...
02 August 2017., 14:00  

Rusal completes debut Eurobond offering

Rusal has completed the debut offering of Eurobond with the following key terms: principal amount of $600 million, tenor 5 years, coupon rate 5.125% per annum. The bond proceeds will be used to refinance some of Rusal’s existing pre-export finance facility and improve the Company debt maturity profile. «The Company received very strong demand for the sale of its five-year bonds, enabling us to raise more than we initially planned. Despite tightening 25bps from initial guidance, the final book ...
02 February 2017., 19:00  

In 2016 Norilsk Nickel produced 236,000 tonnes of nickel

Norilsk Nickel has announce preliminary consolidated production results for the fourth quarter and full year of 2016 as well as its production outlook for full year 2017. 4Q16 consolidated nickel production amounted to 58,000 tonnes increasing 5% quarter-on-quarter (q-o-q). Nickel output from the Company’s own Russian feed reached 53,000 tonnes, up 16% q-o-q. The increase was mainly attributed to scheduled ramp up of the upgraded Talnakh Concentrator and higher volumes of Nkomati concentrate ...
02 January 2017., 06:00  

Nord Gold continues to maximize shareholder value

Nord Gold acknowledges recent speculation regarding a possible delisting of the Company's global depositary receipts from the Official List and the London Stock Exchange. The Board of Directors continues to consider options for maximising shareholder value, including a potential delisting of the Company's global depositary receipts, although no decision has been taken and there is no certainty that the Company will delist. The Company will keep the market updated.
31 January 2017., 10:30  

Rusal prices $600 million debut Eurobond

Rusal has announced the successful pricing of a debut Eurobond transaction with the following key parameters: size US$600mln, maturity 5 years, coupon 5.125%. Proceeds of the issuance are planned to be used for refinancing of the Company’s current indebtedness. Vladislav Soloviev, Rusal's CEO said: “We are delighted to win overwhelming support for our debut Eurobond issue from a wide group of global investors. We have opened a new market for borrowing. The success of this transaction further ...
27 January 2017., 11:00  

In 2016 Nord Gold produced 868.8 koz of gold

Nord Gold has announced its operating results for 12 months ended 31 December 2016. 2016 refined gold production of 868.8 thousand gold equivalent ounces (koz), in line with the full year production guidance range of 840-880 koz. 2016 gold doré production was 870.4 koz, down 6% compared with 924.1 koz in 2015, mainly due to the discontinuation of production at Aprelkovo, and limited access in H2 2016 to flooded higher grade ore blocks in the West African open pit mines after an unusually ...
26 January 2017., 10:05  

Norilsk Nickel sales 39.32% stake in Bystrinskiy project

The Board of Directors of Norilsk Nickel has approved the sale of an up to 39.32% stake in the Bystrinskiy project to CIS Natural Resources Fund, a Russia-focused natural resources fund established by Interros Group and ESN Group. As a basis for this transaction, the project is being valued at $730 million on a 100% equity basis that corresponds to the valuation used for the acquisition of a 10.67% stake in the project by a group of Chinese investors Highland Fund in June 2016. The valuation ...
25 January 2017., 12:00  

KrAZ to produce large diameter ingots

The Krasnoyarsk Aluminium Smelter (KrAZ, part of Rusal) is to implement the construction of a new foundry complex for the production of cylinder ingots of 230 mm to 457 mm diameter. The capacity of the new production complex will comprise 120,000 tonnes per year. As of today, the foundry equipment installation is near completion. The complex is to be officially launched into operation once the «hot tests» are successfully completed, with tests being planned for April this year. KrAZ will produce ...
18 January 2017., 11:00  

New beryllium project are planned in Russia

Expert Council of the Industry’s Development Fund approved 12 preferential loans amounting up to 2.93 bullion rubles (approximately $48.305 million). According to one of them, company Rare Metals of the Siberia plans to organize a plant to process beryllium ores into pure beryllium and its compounds. Rare Metals of the Siberia has a technology for primary raw materials and waste processing. A project cost is 0.5 bullion rubles (about $8.243 million), including 260 mln rubles ($4.286 million) ...
01 April 2017., 06:00  

Nord Gold enters into agreement with ING

Nord Gold has announced that it has entered into a 3-year facility agreement with ING Bank N.V. in the amount of US$150 million. Nord Gold intends to use the proceeds for general corporate purposes, including financing capital expenditure and/or the refinancing of its existing debt facilities. Nikolai Zelenski, Chief Executive Officer of Nord Gold, commented: “We are pleased to have secured this facility on attractive terms, testament both to our long term track record and positive outlook. ...
28 December 2016., 17:30  

Rusal completed the sale of Alpart alumina refinery in Jamaica

Rusal has announced that it has completed the sale of a 100% stake in Alumina Partners of Jamaica (Alpart) to Jiuquan Iron & Steel Group (Jisco) for a $299 mln cash consideration. The transaction was successfully completed following the fulfilment of all required conditions in accordance with the previously signed interest purchase agreement. The divestment of Alpart does not affect Rusal’s 100% self-sufficiency in alumina. Vertical integration into efficient upstream assets remains one of the ...
22 November 2016., 12:07   comment

KUMW continues to build new rolling complex

Kamensk-Uralsk Metallurgical Works (KUMW) builds the second stage of tne new rolling complex with capacity of 160,000 tonnes of aluminium plates, shtrips and sheets pert year. In May, 2015 KUMW launched the first stage, which consist cold rolling mill, coil annealing chamber furnaces, cutting lines, automatid warenhouse and etc. Now KUMW constructs the second stage,that will produce aluminium hot rolled products. You can find out more information about the possibilities of the new rolling complex, ...
11 February 2016., 15:00  

Rusal announces an organizational change within sales

Rusal has announces an organizational change within Rusal Marketing creating a new position of Export Sales Director. Effective 01 November 2016, Bob Katsiouleris is appointed as Export Sales Director reporting to Steve Hodgson, Rusal’s Sales & Marketing Director. In this new role Bob will focus on executing our regional strategies, responding to global sales opportunities and competitive threats, and aligning the sales regions to rapidly respond via regional trading opportunities. Bob will ...
31 October 2016., 06:00  

SAZ launches the first RA-550 cell

Rusal announced the launch of the first RA-550 pot of new generation running at over 550 kA at the Sayanogorsk aluminium smelter (SAZ) as part of a $28 mln project. The key benefit of the new pots is their energy efficiency. A RA-550 cell consumes around 12 kW*h/kg of aluminium, which is 10-15% less than previous generations. According to design documents, one pot will produce 4.21 tonnes of aluminium per day, which is about twice as much as the daily output of a RA-300 pot currently used at ...
28 October 2016., 10:00   comment

Rusal files a request for arbitration against Ukraine

Rusal announced that on 25 October 2016 two of its subsidiaries, Emergofin and Velbay Holdings filed a request for arbitration against Ukraine pursuant to Article 36 of the Convention on the Settlement of Investment Disputes between States and Nationals of Other States and Article 9 of the Agreement on promotion and reciprocal protection of investments between the Kingdom of the Netherlands and Ukraine. The arbitration relates to Ukraine’s expropriation of the Zaporozhe Aluminium Plant (ZAlK). ...
26 October 2016., 17:30  

Norilsk Nickel signed $500 million RCF

Norilsk Nickel (further the company) has announced the signing of a 5-year $500 million committed revolving back-stop credit facility (RCF) with a syndicate of international banks. Commerzbank, HSBC Bank, Mizuho Bank, Sumitomo Mitsui Banking Corporation and UniCredit Bank are acting as Mandated Lead Arrangers and Bookrunners. UniCredit Bank (London Branch) was appointed as Facility Agent. This new RCF is another step towards diversification of available committed credit lines among Russian, ...
10 October 2016., 06:00  

Norilsk Nickel received new credit

Norilsk Nickel announced the signing of a 13-year 37,8 million euro credit facility agreement with Commerzbank under Euler Hermes cover. Sergey Malyshev, the Company’s Senior Vice-president and Chief Financial Officer commented: “Considering our large-scale investment program the company intends to use ECA financing on a more regular basis. It is a good opportunity to raise cheap and longer-dated financing as well as to diversify funding sources. This new transaction will serve as a milestone ...
10 March 2016., 06:00  

Eurasia Mining shipped fist batch of concentrate from West Kytlim

Eurasia Mining has shipped the first batch of concentrate from West Kytlim deposit to the Ekaterinburg Non-ferrous Metals Processing Plant (EZOCM). Eurasia Mining had previously agreed terms with EZOCM and has commenced shipment of raw platinum concentrate from its mine in the Ural Mountains. The concentrate was weighed on entry to the plant as 574.18 grams of raw platinum concentrate. Under the terms of Eurasia's agreement with EZOCM, the refinery will now separate pure platinum and gold from ...
09 December 2016., 06:00  

Arconic SMZ and VSMPO-Avisma launched joint venture

Arconic SMZ, Russia’s largest producer of fabricated aluminum, and VSMPO-Avisma Corporation, the world′s largest manufacturer of titanium ingots and forged products, today announce the operational launch of its joint venture – named AlTi Forge - after receiving all necessary regulatory approvals from the Russian government. This manufacturing partnership will expand on companies’ mutual and complementary strengths in making large, advanced aerospace forgings at Arconic SMZ in Samara. The ...
09 August 2016., 15:41  

Highland Gold signed two agreements for state support of Kekura

Highland Gold has signed two agreements with state agencies on financing and infrastructure to aid in the development of Kekura, which is located the Far Eastern province of Chukotka. In the first agreement, the Far East Development Fund (FEDF) committed to providing Highland Gold with a 2 billion roubles ($30.7 million) preferential loan, with a term of six years and an annual interest rate of 5%. FEDF will also consider future additional financing for Kekura, which they estimate would add ...
09 August 2016., 06:00   comment