Board of Directors of OJSC Magnitogorsk Iron and Steel Works (MMK) appointed Mr. Pavel Shilyaev acting CEO of the company today.
Boris Dubrovsky, former MMK CEO, was appointed acting Governor of the Chelyabinsk Region (Southern Urals) by the Decree of the Russian president Vladimir Putin dated January 15, 2014.
The Rapaport Melee Index (RMI™) for small diamonds increased by 4% to 130.54 during the fourth quarter of 2013. Year on year the index is up 3.5% from its level of 126.05 in December 2012.
The diamond market stabilized toward the end of the year after a period of weak demand and price declines in the second and third quarters. Melee diamond prices increased during the last quarter of 2013 as overall trading was boosted by holiday demand in December combined with shortages in supply. Sales during the holiday period exceeded the trade’s low expectations and despite continued consumer caution. Polished trading is expected to improve during the first quarter driven by the Chinese New Year and as U.S. retailers start to replenish sold inventory.
NLMK Group (LSE: NLMK) has joined the Russian Anti-Corruption Charter for Business, an initiative by the Russian Union of Industrialists & Entrepreneurs (RUIE).
Joining the Charter represents a strong statement of NLMK’s commitment to further promote best practices in transparent and responsible business and corporate governance in Russia, as applied by the Group. It is also testament to their contribution to the fight against corruption, as well as to developing standards for conducting business honestly and impartially, in close cooperation with the Russian authorities and other companies.
Mechel just announced it has closed the deal for disposal of 100% shares in Voskhod Mining Plant (Khromtau, Kazakhstan) and Tikhvin Ferroalloy Plant (Tikhvin, Leningrad Region, Russia) to Turkey’s YILDIRIM Group for a total of 425 million US dollars.
In accordance with the deal’s conditions, the YILDIRIM Group paid the entire sum to Mechel OAO.
A new exclusive diamond show featuring the best diamonds from the world’s leading diamonds manufacturers and dealers will open in Basel, Switzerland on March 27, 2014. The show will be located in the iconic Markthalle building, only 300 meters from the Basel SBB train station and will be open to the trade, as well as private collectors and investors.
The Diamond Show will provide an innovative trading environment for buyers and sellers of diamonds and diamond jewelry. The exhibition will provide direct access to the finest quality diamonds from 60 of the best diamond manufacturers and dealers in the world. It will also include a specialized salon for natural fancy colored diamonds.
NLMK Group (LSE: NLMK) announces the appointment of Ilya Guschin as Vice President for Sales. Sergei Khorn, former acting Vice President for Sales, is appointed his deputy.
Ilya Guschin is responsible for coordinating NLMK Group’s sales divisions in order to enhance their efficiency. Service centers and sales companies currently offer an uninterrupted supply of NLMK Group’s steel products and a high quality of service to consumers in over 70 countries around the world.
JSC Acron and its Canadian subsidiary North Atlantic Potash Inc. are very pleased to report a world-class potash resource has been delineated on their KP 405 potash permit in southern Saskatchewan, Canada, operated by a joint venture (the “JV”) between North Atlantic Potash Inc. (“North Atlantic”) and Rio Tinto Potash Management Inc. (“RTPM”), a wholly-owned subsidiary of Rio Tinto plc.
The JV has completed an exploration programme that defined an inferred resource of 1.4 billion tonnes of potash with an average grade of 31% KCl. The critically important downhole temperatures for a solution mine averaged 63O C, ranking this deposit one of the highest in Saskatchewan. Based on a solution mining operation, it is estimated that 329 million tonnes KCl are recoverable at the wellhead from the resource defined within the northern area of KP 405.
NLMK Group has launched new OHS programs at all of its Russian sites. The initiative was announced by Oleg Bagrin, NLMK Group CEO, at NLMK Group’s First OHS Conference held on 10-11 December in Lipetsk.
The new programs are based on a preventative approach to management of OHS risks through application of a uniform methodology for identifying potential hazards; risk assessment; and introducing the most advanced risk management measures across all NLMK companies. The plan provides for the active involvement of all personnel in identifying production hazards and developing response measures.
Mechel Announces Finalization of Negotiations on 1-Billion-Dollar Syndicated Loan Agreement with International Lenders
Mechel has just announced it has reached an agreement to extend the grace period and maturity of its USD 1 billion syndicated facility to the end of 2014 and 2016 respectively.
The process was coordinated by ING Bank N.V., Societe Generale and VTB Capital.
The agreement was signed on behalf of a syndicate of leading international banks, including ABN Amro, BNP Paribas, Caterpillar Financial Services Corporation, Commerzbank Aktiengesellschaft, ICBC (London) plc., ING Bank N.V., Natixis, Raiffeissen Bank International AG, Societe Generale, UniCredit, VTB.
Certified polished diamond prices were stable in November supported by improving demand during the Christmas shopping season. Diamond dealers were focused on supplying U.S. jewelers with strong demand for lower priced commercial quality diamonds as consumers tighten their holiday shopping budgets.
The RapNet Diamond Index (RAPI™) for 1-carat certified diamonds was down 0.1 percent in November. RAPI for 0.30-carat diamonds rose 1.4 percent during the month, while RAPI for 0.50-carat diamonds increased 0.2 percent. RAPI for 3-carat diamonds declined 0.3 percent.
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