Page 164 - RusRPTNov21

Thus, other regions are being considered as well, including
Siberia.
● Elsewhere, Sollers and RusHydro agreed to launch electric
vehicle car sharing by mid-2022 in Vladivostok.
Mosenergo has reported its 9mo21 operating results, posting electricity production up 13.8% YoY to 44.1bn kWh on the back of demand growth and the lower
temperatures in the heating season. Total heat sendout increased 26% YoY to 58.31mn GCal, with the heating season being cold at the beginning of 2021 and then
starting earlier in September 2021
On Wednesday 20 October, Enel Russia reported its 9mo21 operating results.
Electricity generation increased 21.2% YoY to 16,804GWh (with a 29% YoY improvement in 3Q21), while heat sendout rose 8% YoY to 2,749th GCal.
Our View: The growth is impressive, and exceeded the 17% YoY in 1H21. This is
strongly supportive for the 9mo21 financials (on top of the strong RSV prices and the
operation of the first wind project) and for the share price performance. The strong
operational environment suggests that the story is well positioned to deliver on its
FY21 guidance and provide a 9.6% DY for FY21, despite the reduction in FY21 net
income we expect due to the end of DPM and the delay in launching the wind farm.
9.2.11 Metallurgy & mining corporate news
● Gold & Diamonds
Polymetal announces first gold/silver concentrate produced at Nezhda mine. The company reported, citing the CEO, Vitaly Nesis. After completing all construction and technical activities, Nezhda successfully produced its first gold and silver concentrate on 16 October, two weeks ahead of the target date (1 November). The mine is expected to reach its full capacity by 2Q22. In 2021, Polymetal plans to produce up to 30koz gold at Nezhda and an average of 180koz per year in 2022-24. Further upside depends on the ability to process ore from Polymetal’s Prognoz silver deposit. The project’s total CapEx will be c$370mn by the time of full ramp-up.
Alrosa reported 3Q21 Trading Update. Diamond sales fell 19% q/q in ct
164 RUSSIA Country Report November 2021 www.intellinews.com