Rus News Journal

The transaction with unknown

transaction details on sale of the Ural nickel actives " Yesterday became known; Industrially - metallurgical holding “ (PMH) the deputy of the State Duma Boris Zubitsky - Joint-Stock Company “ ON “Rezhnikel“ “ Open Society “ Ufalejnikel “ and the Serovsky nickel deposit. As have informed in the ministry of the industry of Sverdlovsk area, as the buyer little-known company Highmetals KDS has acted. Under data „”, it is created specially in interests of Swiss company Glencore which, being public, yet would not like to advertise acquisition of problem actives.

yesterday the ministry of the industry of Sverdlovsk area has informed that the buyer of actives “ Industrially - metallurgical holding “ (PMH) the deputy of the State Duma Boris Zubitsky - Joint-Stock Company “ ON “Rezhnikel“ “ Open Society “ Ufalejnikel “ and the Serovsky nickel deposit - there was company Highmetals KDS. Representative Highmetals KDS Alexander Timofeev has explained to the regional minister of the industry Alexander Petrov that the comprehensive plan of development of the got actives is at present developed. “ first of all, we plan to spend complex modernisation of manufacture on the Serovsky deposit, to establish there baths vyshchelachivanija, that is actually to construct there new concentrating factory. In intermediate term prospect we consider possibility of carrying out of deep modernisation on “Rezhnikele“ and “Ufalejnikele“, however, we will inform on details of these projects after plan preparation “ - Timothy`s mister has explained. As he said, “ Rezhnikel “ while will continue to make nickel of mark N - 3 as the situation at a stock exchange now allows to conduct break-even manufacture. In the future on one of factories (“ Ufalejnikel “ “ Rezhnikel “) The line on cobalt manufacture can open. We will remind that from the end of September, 2011 “ Rezhnikel “ and “ Ufalejnikel “ experience difficulties in connection with falling of quotations of nickel at world stock exchanges and caused this reduction of volumes of output. “ Rezhnikel “ some times was on the verge of a manufacture stop. As have specified sources „” in administration Rezha, threat of reductions at the enterprise remains and now. In trade-union committee “ Rezhnikelja “ till now there is a notice on reduction since March, 13th, 2012 of 833 employees (according to an enterprise site, on it work as 1,4 thousand persons. - „”). As have informed on Open Society “ Ufalejnikel “ at present the situation at the enterprise is normalised against growth of quotations on nickel at the London stock exchange of metals (yesterday on 13. 20 Moscow time the price for nickel ton made $19,4 thousand) . “ There is a probability of zero profitability for the January, all shops and divisions work without the big shocks, four of five mine furnaces, melting nickel " function; - have told at the enterprise.

about the new proprietor of the Ural nickel enterprises there is no information. The comment in the company to receive yesterday it was not possible. The source „” asserts that company Highmetals KDS operates in interests Swiss trejdingovoj companies Glencore International AG. In PMH comments have refused, in Glencore inquiry „” yesterday have not answered. The head of office of legal company Incor Alliance Law Office in Ekaterinburg Anton Martkochakov has explained that in 50-70 % cases the proprietor who is doing not wish to open, offers the legal service which is engaged in support of the transaction, to register on itself the offshore or the company in foreign jurisdiction. “ Presence on balance of large company Glencore with the international standards of the reporting, which action are in the free reference, structures with not clear actives can negatively affect its credit rating. Therefore nickel actives have got on specially created structure “ - mister Martkochakov explains, without excluding that after the enterprises will start to work in a normal mode, can open that them has got really Glencore.

Branch analysts assume that nickel actives have been transferred Highmetals KDS exclusively in exchange for investment obligations of the company. “ it is possible to assume that the enterprises have been sold for 1 rouble as while they yield losses, the transaction on their sale could occur exclusively on the terms of investment obligations. To return the enterprises to profitability, it is necessary to enclose $100-150 million to establish electrosteel-smelting furnaces “ - the analyst on metallurgy of FG BKS Oleg Petropavlovsky considers. “ at the predicted price for nickel in 2012 - at level of $19 - 20 thousand for ton, level of break-even for the Ural nickel enterprises - $24-26 thousand Therefore it is very important to spend to short terms manufacture modernisation “ - the analyst of investment company " has added; Rye Man and Gor Securities “ Andrey Tretelnikov, estimating volume of investments into planned modernisation of manufacture in $200-300 million