Page 140 - RusRPTOct21

same time, we note that taking into account the fact that 40% of Unipro’s EBITDA comes from coal-fired generation, such a purchase would cement InterRAO's share of coal in profits above the 10% threshold. Such a development would significantly downgrade InterRAO’s ESG standing and would lead to a significant hike in the company's per-unit CO2 footprint of produced electricity. However, we advise investors to refrain from pricing in such development in company's share price until any such deal is announced, so that the exact effect on InterRAO's financial and decarbonisation strategy cane assessed.
System Operator announced in a press release that the combined preliminary IDs for the construction of renewable capacity with a guaranteed return on investment in Russia in 2026-28. According to the regulator, the combined value of the submitted IDs reached RUB160bn (USD 2.2bn), with the total number of ids in wind capacity reaching 100 units and 89 units in solar power. The second step of the auction, which allows for price competition among bidders, is to last until 16 September.
9.2.11 Metallurgy & mining corporate news
● Gold & Diamonds
Alrosa’s total sales in August fell 8.3% m/m to $306mn – up 41% y/y. The company reported. The figure includes proceeds from rough diamond sales of $297mn – down 6.6% m/m,but up 47% y/y. For 8M21, total rough and polished diamond sales accounted for c$2.97bn vs c$1.39bn in 2020 and c$2.16bn in 2019. Demand for rough diamonds remained strong despite the traditional summer slowdown at cutters and polishers. The company’s total sales in carats were lower due to a lack of rough inventories available for sale. Meanwhile, robust demand from end consumers combined with the persistent shortage of rough diamonds will support price dynamics, said Evgeny Agureev, Deputy CEO of Alrosa.
● Steel
Metalloinvest a leading global iron ore and HBI producer and supplier, and one of the regional producers of high-quality steel, today announces that Standard & Poor’s Ratings Services (“S&P”) has upgraded the Company’s corporate rating to ‘BBB-’ with a stable outlook from ‘BB+’/positive. According to S&P’s statement, the rating upgrade reflects the Company’s commitment to a conservative financial policy and its strong credit metrics, supported continuous efforts in debt reduction and competitive cost positioning. At the same time, S&P has also raised the issue rating on the senior unsecured notes issued by Metalloinvest Finance D.A.C. to ‘BBB-’ from ‘BB+’.
● Other
140 RUSSIA Country Report October 2021 www.intellinews.com