Latest news with #Polymetal
Yahoo
21-05-2025
- Business
- Yahoo
Rosneft takes control of Russia's largest rare earth deposit, registry shows
MOSCOW (Reuters) -Russia's largest oil producer Rosneft acquired Tomtor, country's largest rare earth metal deposit, a companies registry showed on Wednesday, after President Vladimir Putin last year urged that the development of the field be speeded up. Tomtor, located in the north of the Siberian region of Yakutia, is a key project in Russia's plans to boost output of the metals that are used in the defence industry and in making mobile phones and electric cars, to reduce reliance on imports from China. According to an official state registry of Russian companies, Rosneft secured complete control over the project's operator, Vostok Engineering, on May 20. Rosneft did not immediately reply to a request to comment. In November Putin accused the operator of Tomtor of delaying the deposit's development, suggesting it should either raise investment or seek help from third parties, including the state. Before the Ukraine conflict, Russia planned to invest $1.5 billion in rare earth minerals, striving to become the biggest producer after China by 2030. Other countries, including the United States, are also trying to curb their reliance on China, which controls 95% of the global production and supply of rare earth metals. Businessman Alexander Nesis, a former shareholder in Polymetal, a major producer of gold and silver, used to own a 75% stake in a firm called ThreeArc Mining, the operator of the project, through his IST group of companies. Polymetal used to own a 9.1% stake in ThreeArc Mining. Following the ownership change after the start of Russian military action in Ukraine, and subsequent Western sanctions on Russian businesses, the operator of the project ended up under control by IST's former manager Vladislav Resin, before Rosneft gained it. Sign in to access your portfolio
Reuters
21-05-2025
- Business
- Reuters
Rosneft takes control of Russia's largest rare earth deposit, registry shows
MOSCOW, May 21 (Reuters) - Russia's largest oil producer Rosneft ( opens new tab acquired Tomtor, country's largest rare earth metal deposit, a companies registry showed on Wednesday, after President Vladimir Putin last year urged that the development of the field be speeded up. Tomtor, located in the north of the Siberian region of Yakutia, is a key project in Russia's plans to boost output of the metals that are used in the defence industry and in making mobile phones and electric cars, to reduce reliance on imports from China. According to an official state registry of Russian companies, Rosneft secured complete control over the project's operator, Vostok Engineering, on May 20. Rosneft did not immediately reply to a request to comment. In November Putin accused the operator of Tomtor of delaying the deposit's development, suggesting it should either raise investment or seek help from third parties, including the state. Before the Ukraine conflict, Russia planned to invest $1.5 billion in rare earth minerals, striving to become the biggest producer after China by 2030. Other countries, including the United States, are also trying to curb their reliance on China, which controls 95% of the global production and supply of rare earth metals. Businessman Alexander Nesis, a former shareholder in Polymetal, a major producer of gold and silver, used to own a 75% stake in a firm called ThreeArc Mining, the operator of the project, through his IST group of companies. Polymetal used to own a 9.1% stake in ThreeArc Mining. Following the ownership change after the start of Russian military action in Ukraine, and subsequent Western sanctions on Russian businesses, the operator of the project ended up under control by IST's former manager Vladislav Resin, before Rosneft gained it.
Yahoo
21-05-2025
- Business
- Yahoo
Rosneft takes control of Russia's largest rare earth deposit, registry shows
MOSCOW (Reuters) -Russia's largest oil producer Rosneft acquired Tomtor, country's largest rare earth metal deposit, a companies registry showed on Wednesday, after President Vladimir Putin last year urged that the development of the field be speeded up. Tomtor, located in the north of the Siberian region of Yakutia, is a key project in Russia's plans to boost output of the metals that are used in the defence industry and in making mobile phones and electric cars, to reduce reliance on imports from China. According to an official state registry of Russian companies, Rosneft secured complete control over the project's operator, Vostok Engineering, on May 20. Rosneft did not immediately reply to a request to comment. In November Putin accused the operator of Tomtor of delaying the deposit's development, suggesting it should either raise investment or seek help from third parties, including the state. Before the Ukraine conflict, Russia planned to invest $1.5 billion in rare earth minerals, striving to become the biggest producer after China by 2030. Other countries, including the United States, are also trying to curb their reliance on China, which controls 95% of the global production and supply of rare earth metals. Businessman Alexander Nesis, a former shareholder in Polymetal, a major producer of gold and silver, used to own a 75% stake in a firm called ThreeArc Mining, the operator of the project, through his IST group of companies. Polymetal used to own a 9.1% stake in ThreeArc Mining. Following the ownership change after the start of Russian military action in Ukraine, and subsequent Western sanctions on Russian businesses, the operator of the project ended up under control by IST's former manager Vladislav Resin, before Rosneft gained it. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
26-04-2025
- Business
- Time of India
Gold price prediction: Gold rate to crash soon, claims top gold miner
Gold price is expected to fall big in the next 12 months, claimed Kazakh gold miner Solidcore Resources Plc CEO, as per a report. Gold rate on Friday dropped and also witnessed a weekly dip after the dollar rose and there were signs of easing U.S.-China trade tensions. #Pahalgam Terrorist Attack India stares at a 'water bomb' threat as it freezes Indus Treaty India readies short, mid & long-term Indus River plans Shehbaz Sharif calls India's stand "worn-out narrative" CEO of the company, formerly named Polymetal, Vitaly Nesis told Reuters, "I expect prices to fall to $2,500 within 12 months." "There will be no return to the levels of $1,800-$1,900. The premium to the base level will remain. But right now this is an over-reaction to what is happening in the world," Nesis of Solidcore, Kazakhstan's second largest gold miner, said. Gold, traditionally seen as a hedge against political and economic uncertainties, has gained nearly 26 per cent so far this year, as U.S. tariffs have sparked fears of recession. The Bullion touched a record high of $3,500.05 on Tuesday. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Google Brain Co-Founder Andrew Ng, Recommends: Read These 5 Books And Turn Your Life Around Blinkist: Andrew Ng's Reading List Undo China is considering exempting some U.S. imports from its 125 per cent tariffs and is asking businesses to identify goods that could be eligible, according to the businesses notified. Earlier this week, U.S. President Donald Trump suggested a de-escalation of the tit-for-tat tariff battle, saying direct talks were already underway. Live Events The US dollar, meanwhile, rose and was on track for its first weekly gain since March. FAQs Q1. How has Gold performed this year? A1. Gold, traditionally seen as a hedge against political and economic uncertainties, has gained nearly 26 per cent so far this year, as U.S. tariffs have sparked fears of recession. The Bullion touched a record high of $3,500.05 on Tuesday. Q2. How is US Dollar performing? A2. The U.S. dollar, meanwhile, rose and was on track for its first weekly gain since March.
