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Hambro Output Up 54%
LONDON — Peter Hambro Mining said Monday that its gold production jumped 54 percent in the first half and noted that output, which is traditionally higher in the second half, will be boosted by the Pioneer deposit.
The gold producer said its output rose to about 222,600 ounces. The company had said it expected annual production to be at the upper end of its 460,000-510,000 ounce target, implying second-half output of around 290,000 ounces, which would make it the largest Britain-listed gold producer by output. (Bloomberg)
Abramovich-Berezovsky Suit
LONDON — Lawyers for billionaire Roman Abramovich on Monday asked a judge to throw out a $3.5 billion lawsuit that former business partner Boris Berezovsky filed against him.
Abramovich’s lawyer, Andrew Popplewell, asked Justice Anthony Colman in London to dismiss the case before trial, saying the suit has “little chance of success.” Berezovsky claims in the suit that Abramovich used “threats and intimidation” to force him to sell shares in Sibneft at a fraction of their value. (Bloomberg)
Steelmakers to Seek Support
Steelmakers will ask Prime Minister Vladimir Putin for subsidized loans and measures to support demand at a meeting Friday, Vedomosti reported, citing sources familiar with the plan.
They will ask the government to increase tax breaks for people building or buying homes and oblige carmakers to use more Russian steel, the report said.
Producers may also ask the government to subsidize interest payments on loans taken out in the last two years, the newspaper said.(Bloomberg)
Alfa Buys Mirax Debt
Alfa Group bought $200 million of Mirax Group’s debt from creditor Credit Suisse Group, Kommersant reported Monday.
Alfa acquired the debt, which had been due in February before the developer signed a standstill agreement with Credit Suisse, with a 60 percent discount, Mirax chairman Dmitry Lutsenko said, the newspaper reported. (Bloomberg)
Fields Grouped for Oil Duty
Prime Minister Vladimir Putin signed an order grouping 13 oil fields in eastern Siberia under their own export duty after the energy minister called for a zero percent rate for the region.
The duty will apply to such fields as ’s Vankor, ’s Talakan and the TNK-BP-led Verkhnechonskoye deposits, according to the order, posted on the government web site Monday. It did not clarify what the rate would be. (Bloomberg)
For the Record
- Bo Andersson, a former vice president of General Motors, was elected chairman of the board at GAZ, chief executive Oleg Deripaska said Monday. (Bloomberg)
- Mobile provider began offering wireless services in Vietnam, its joint venture there said in a statement Monday.(Bloomberg)
- Sberbank said Monday that it opened two credit lines for a total of $165 million for to help the titanium producer refinance debt and fund investment. (Bloomberg)
