Page 77 - UKRRptMar19

according to Bloomberg. "Pragmatically, after more than five years of Interpipe’s default, it does not seem like its creditors have been successful in pressing the company for substantial concessions, like a debt-for-equity swap," Khoroshun added. "Therefore, a haircut to Interpipe’s debt seems unavoidable, and we think that Interpipe’s latest proposal is reasonable, in part because the company’s leverage would remain substantial after the restructuring (3.3x using the 2017 Ebitda)."
Coal mining at Ukraine's leading coal and power holding DTEK fell 1.9% year-on-year to 27.19mn tonnes in 2018 , according to the company's trading update published on February 18. The decline was caused solely by loss of control of three mines on the rebel-occupied territories of Ukraine's Donbas as of March 2017. On a like-to-like basis, the group’s coal mining increased 5.3% y/y, including 4.9% y/y growth in Russia (to 3.05mn tonnes). DTEK's Ukrainian mines, boosted coal production 5.3% y/y on like-to-like basis to 24.13mn tonnes.
Canada’s Black Iron Inc has signed a memorandum of understanding with Glencore , the Anglo-Swiss mining giant, to finance and develop Shymanivske iron ore deposite in Dnipropetrovsk. One of the world’s largest iron deposits, Shymanivske has an estimated 833mn tons of reserves, with ore grading at 32% iron. The nonbinding memorandum contemplates Glencore funding all or part of construction in return for iron. A first phase envisages $436mn investment to produce 4mn tons of iron a year. Black Iron’s CEO Matt Simpson says: “I am pleased to welcome Glencore as an external investor for the construction of the Shimanivske project, as well as their agreement to work with us to provide additional funding.”
77 UKRAINE Country Report March 2019 www.intellinews.com