Page 150 - RusRPTNov20
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9.2.11 Metallurgy & mining corporate news
● Gold & Diamonds
A criminal case has been opened against the CEO of Russian gold major Petropavlovsk, Maxim Meshcheryakov, by Russia's Investigative Committee over a forced entry into the Moscow office of MC Petropavlovsk and Pokrovskiy mine, according to Interfax. As reported by bne IntelliNews, the analysts expect gold prices to keep rising in the medium term, possibly triggering re-rating and high demand for Russian gold equity names.
Alrosa 3Q20 operating results show a strong recovery in sales q/q. Strong recovery in sales should not be market moving for the name, as the company reports sales on a monthly basis. In our view, the rebound in 3Q20 financials and operating results q/q is already priced in. News: Alrosa released 3Q20 Operating Results. The results showed a solid recovery in diamond sales in volume and value terms q/q. Diamond output rose by 62% q/q to 9.2mn ct on higher utilization rates at processing facilities Diamond sales saw an almost 8x increase q/q, reaching 5mn ct, including 4.1mn ct of gem-quality diamonds, whose sales were up 11.4x q/q Average realized price for gem-quality diamonds totalled $133/ct – down 34% q/q due to normalized sales mix, as sales volumes increased Proceeds from rough and polished diamond sales reached $589mn – a 6.8x increase q/q, including $553mn in revenue from rough diamond sales and $36mn in revenue from polished diamond sales Diamond inventories grew 16% q/q and reached 30.6mn ct at
150 RUSSIA Country Report November 2020 www.intellinews.com
