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bne Invest
July 19, 2019 www.intellinews.com I Page 11
Shareholders of Russian Evraz metals major launch development project in Moscow
Two shareholders of Russian metals major Evraz, Alexander Abramov and Alexander Frolov, plan a 1.2mn-square metre housing project in Moscow, Vedomosti daily reported on July 16 citing unnamed market sources.
This year Abramov and Frolov, along with other shareholders of Evraz, cashed in on selling
a 3.5% stake in the metals maker in two accelerated book building SPOs.
Now Ferro-Stroy, controlled by the two partners, will undertake a major housing project between Ochakovsky and Aminyevsky highways in Moscow. The venture will also include commercial properties and infrastructure such as schools, kindergartens and sport facilities. Analysts surveyed by Vedomosti estimate the
investment in the project to be RUB70bn-80bn ($1.1bn-$1.3bn).
Czech CEZ to partner up with Australian EMH for lithium mining project
The state-owned CEZ energy company plans to provide a €2mn convertible loan to European Metals Holding (EMH), which holds an exploration licence and preferential rights to the Cinovec lithium/tin project in the Czech Krusne Hory mountains, Tiscali.cz reported on July 17.
The loan gives CEZ an option to take a majority share in EMH at any time before its maturity on December 31, 2019. It is estimated that the Czech Republic has 3% of the world’s lithium reserves, most of it in the Cinovec area in Krusne Hory, which is also the largest deposit of the metal in Europe. CEZ shares went up at the beginning of the day
by 0.3% and EMH shares on the London Stock Exchange added 20%, Patria online informed.
According to the analysts, this is a politically motivated move. “The CEZ engagement should primarily be understood in the context of the state using it to maintain control over potential lithium mining. This issue became a political question before 2017 elections. The current government
of Prime Minister [Andrej] Babis (ANO) does not want to take the risk, so the public gets an impression that it is wasting the potential of Cinovec lithium. Or that it hands over possible mining to foreign and fully private entities,” Czech Fund analyst Lukas Kovanda told the Czech News Agency.
Read the full story here