Archives de catégorie : Nouvelles

London CSR Conference with RJC

London, April 16, 2014

Emerging challenges for responsible jewellery business

The Responsible Jewellery Council (RJC) will host its first corporate social responsibility (CSR) conference for the jewellery and watch supply chain. The CSR meeting will take place on May 15 at Arundel House in London. It is scheduled to take place following the RJC’s annual general meeting, held the same day. The conference will be open to all interested stakeholders. The event will feature three panel sessions focused on current supply chain issues.

The first panel discussion will be broken down into three areas: EU responsible trading strategy for minerals from conflict zones; the Indian diamond sector and its challenges; and SMEs and consumer perspective. Among its guest speakers are Anoop Mehta, president of the Bharat Diamond Bourse and Professor Marylyn Carrigan, co-director at the Centre for Trust and Ethical Behaviour (CETEB), Coventry University Business School.

The second panel will focus on human rights and responsible supply chains, with an in-depth discussion surrounding the UN Guiding Principles on Business and Human Rights, the risks of forced labour and human trafficking in the jewellery supply chain, artisanal and small-scale mining and human rights in jewellery manufacturing. Speakers will include Adam Greene, the principal officer for the Bureau for Employers’ Activities at the International Labour Office and Claus Teilmann Petersen, vice-president of Group CSR at Pandora.

The third panel discussion of the day will take a closer look at creating value within the jewellery trade. The group will discuss sustainability from a producer’s perspective, Signet’s commitment to responsible sourcing and the RJC and creating value from CSR for the supply chain and consumers.The panel will include Feriel Zerouki, manager of De Beers Best Practice Principles Program, Signet’s vice-president of corporate affairs David Bouffard and Jennifer Horning, the senior program manager for gold at Solidaridad. The day will be rounded off with a reception for all of those that have taken part in the conference.

Source: http://www.responsiblejewellery.com

Polymetal International

Company’s ViewPick, March 31, 2014

Falling metals’ prices endanger operations

Due to growing sales volume Polymetal posted a 55% half year on half year (hoh) increase in cost of sales which brought gross profit margin to 26% (below the second half year 2012 level). As a result operating profit in second half year (2H) 2013 came at USD 135 mn.

Lower hoh SG&A expenses and TCC helped to post improvement in EBITDA margin to 36.4%: In 2H 2013 Polymetal reduced TCC by 8% hoh to USD 721 per oz GE; the reduction came due to operational improvement at the Albazino-Amursk hub. SG&A expenses also declined and this partly favoured Polymetal to increase EBITDA margin to 36.4% in 2H 2013 from 33.1% in 1H 2013. RLU/ read more Download (PDF) Polymetal RU March 2014 en

Polymetal Conference call notes

GE production guidance keep on going strategy
Improvements in TCC will be visible in FY 2014, thanks to completion of ramp-up stages at the key investments projects (Amursk POX, Mayskoye)
Sharply focus on generation of positive FCF and dividends to continue in FY 2014
FY 2014 capex will decline yoy as major projects are completed; exploration capex will be maintained
M&A activities might be on the spotlight as Polymetal looks for possible acquisitions of high quality assets

Polymetal’s management confirmed GE production guidance of 1.3 Moz in FY 2014 and 1.5 Moz in FY 15e. Weakness in the metals’ prices will not affect the company’s production plans. Moreover, due to weakening RUB and completion of the ramp-up stage at Albazino-Amursk POX and Mayskoye Polymetal expects further reduction in TCC, which should positively affect profit margins.
The company does not expect any additional write-offs on impairments/revaluation as the write down made in FY 2013 already took into account weakness in the metals’ prices.
In FY 12014 estimated capex should be reduced to USD 250 mn from USD 319 mn in FY 2013. Polymetal will continue investing in exploration as it targets to extend life of the existing mines, and improve quality of the operations. In FY 2014 Polymetal plans for additions at Albazino-2; Kutyn and Svetloye.
The company’s focus lays on generation of positive FCF and payment of dividends. In FY 2014 Polymetal will continue to generate positive FCF. Net debt/EBITDA should lay within the rate of 1.75 mainly as a result of growing EBITDA (as the company expects to achieve higher cost efficiency).
Considering weak gold and silver prices Polymetal looks for possible acquisitions of high quality assets in FY 2014.
The outlook of Polymetal for FY 2014 promises positive shapes. The company believes in its ability to achieve higher cost efficiency in FY 2014. Despite gold price weakness Polymetal also tries to look for M&A in order to expand its high quality asset portfolio. And it is in the confortable position of having sufficient cash in order to perform M&As. Therefore it will not be a surprise when Polymetal will deliver better financial results in the first half of 2014 after poor results in 2013.

S&P confirme le AA+ pour l’Autriche, perspective stable

Londres, 28 mars 2014

Standard & Poor’s a confirmé ce vendredi la note de crédit souverain « AA+ » de l’Autriche.

L’agence de notation a accompagné cette confirmation d’une perspective stable en soulignant la cohérence de la gouvernance de l’Autriche et sa volonté de mettre en place une politique économique destinée à soutenir la croissance. /RLU

The Mirror of El Dorado: Gold in Ancient Colombia

London, 22 March 2014

The London exhibition marked the bridge over the business years 2013/2014 in an interesting, original way. This exhibition displayed more than 300 objects from the Museo del Oro in Bogotá and the British Museum’s own pre-Colombian collection.

The special guests from London’s British Museum will be soon flying back to Colombia. Rain forest’s fantastic creatures crowded the exhibition rooms of the British Museum with golden frogs, paradise birds, tinysacred figurines, etc. Their visit in London has brought a instructive winter story about resources to many aesthetes, handicrafts and business people as well, at the intersection of cultural tradition and personal expression. However, there is no way but to rethink the power of gold in the era of digital money. The fascinating masterworks from Colombia stand for the true roots of El Dorado, “the Golden One”, and the ancient burgh of Gold. In front of these artisans’ wonders emerges a never fully exhausted question. Which is the distinctive feature of gold among other metal resources and where does its strongly inspirational power for human behaviour come from? RLU

Continue reading in Download (PDF) Mirror of El Dorado

Incertitude pour l’investissement étranger en Libye

Artcle apparu dans Neue Zürcher Zeitung, 18 Mars, 2014

«Nous sommes toujours assis sur des valises»

Astrid Frefel, Tripolis

Börse Libyen, (Bild: Keystone / Reuters / Ismail Zitouny

Entre le 7 et le 24 février, plusieurs entreprises européennes ont retiré leurs représentants depuis la Libye. Ils le font de toute façon, quand les politiques locales encourent des événements tels que des élections, qui pourraient éventuellement être accompagnées de violence. De toute façon les consignes de sécurité strictes s’appliquent dans tout le pays. De nombreux hommes d’affaires ont acheté des véhicules sécurisés. Les cas d’enlèvements et de meurtres d’étrangers, en particulier dans l’est, surtout de la région de Benghazi, se sont multipliés au cours des derniers mois. La dernière onde de choc dans les milieux d’affaires étrangers a provoqué la mort d’un ingénieur Français à Benghazi. Celui-ci travaillait dans le secteur médical. « Nous sommes toujours assis sur des valises », conclue une femme d’affaires étrangère à Tripoli pour décrire la situation précaire.

voir plus suivez Download (PDF) Libyen Ausländische Investoren

Arctic Business Forum to Explore Mining Prospects

Rovaniemi, 11-13 March, 2014

Geological potentials, excellent infrastructure, and positive attitudes do make the Arctic the world’s best mining-investment destination, but the ongoing financial crisis and low raw-material prices continue to fan doubts about the profitability of new exploration ventures. Investors’ hesitations have deepened further following unfortunate mining projects that created environmental problems and adverse impacts on issuance of mining licences and permits.

The issues are set to see threadbare discussions at the upcoming three-day conference of Arctic Business Forum (ABF). The fifth ABF conference hosted by the Lapland Chamber of Commerce begins on March 11 at Rovaniemi of Finland with a session on mining slated for day three. At the session, Anton Löf, Senior Iron Ore Analyst, Raw Materials Group, Sweden will present the keynote titled ‘Mining in The European High North – Still Profitable and Sustainable?’ Löf, who embodies extensive consulting experience with the private sector and international organisations such as UNCTAD and World Bank, will table the latest trends in the sector.

Vesa Nykänen, Manager, Geological Survey of Finland will speak on the arctic mineral potentials while the mining operators’ points of view will be represented by Igor Melik- Gaikazov, Executive Director, OJSC Kovdorski GOK, Russia and Andrew Reid, CEO of First Quantum Minerals in Finland. Mining sustainability will be the focus of the presentations to be made by Vladimir Masloboev, Vice President, Kola Science Center of RAS, Russia and Harry Sandström, Senior Consultant of Spinverse.

Right geology, long mining tradition, efficiently organised data and readily available services of the type required by drilling companies make the High North a favourable investment and operating environment for the mining industry. Last year, over 700 mining and exploration companies who responded to the 2012/2013 Fraser Institute’s Annual Survey of Mining Companies ranked Finland as the best place to do business followed by Sweden. The rest of the top 10 jurisdictions found in the survey conducted by the Canadian thinktank are Alberta, New Brunswick, Wyoming, Ireland, Nevada, Yukon, and Norway.

The confidence miners have in Finland and Sweden proves that resource development and environmental protection can go hand in hand,’ noted Kenneth Green, Fraser Institute’s Senior Director of Energy and Natural Resources in the study report released in February 2013.

Finland, which aims to be the global leader in sustainable mining by 2020, demands strict environmental requirements with compliance monitoring aiming at minimizing possible pollutions. But the overall positive attitudes of the government make the country a pro-mining land. It has a developed infrastructure, a skilled workforce, and competitive operating costs. Red tape is minimal and Finland is one of the least corrupt countries in the world, according to the Transparency International.

Finland has a very strong economic co-operation and clean technology, which is the strongest industrial sector currently being developed in this country,’ observed Finnish Prime Minister Jyrki Katainen on May 27, 2013 during a visit to Poland, reports the Finland Times. Mining activities in Finland are currently concentrated in gold, platinum group metals, base metals, diamonds, and industrial minerals, but opportunities in many commodity products are still very much under-explored. At a seminar in Rovaniemi in September last, researchers said mining industries should consider social impact, social regulations and environmental aspect before, during and after mining periods.

In a research report they said residents of three northern localities – Kittilä, Kolari and Muonio – thought mines in their areas had brought about a significant development in their life.

Finland has undertaken a green mining programme (Tekes) aimed at creating new business that requires new, specialised expertise alongside the growing field of traditional mining, increasing the number of SMEs targeting the export market in the mineral cluster, and achieving a global leader status in research in the sector.

Source: www. arcticbusinessforum.com

Teck Resources Limited with CSR Award

TORONTO, March 7, 2014

Teck Resources Limited is the recipient of this year’s Environmental and Social Responsibility Award. Teck Resources Limited is receiving the award for its outstanding accomplishments and commitment to sustainability, environmental and social initiatives.

In 2011, Teck developed a comprehensive strategy, focusing on long- and short-term goals that will achieve the company’s vision for sustainability. The sustainability strategy supports six key areas that represent the biggest challenges and opportunities for the mining sector: community, people, water, biodiversity, energy, and materials stewardship. Dedicated to building value through partnerships, Teck aims to address local and global sustainability issues./RLU

https://www.youtube.com/watch?v=xNa6Fj0e4-Q&list=UUWKuOPzHxzwCOrMNaKuAX3A

Source: PDAC 2014, www.teck.com

Corporate Social Responsibility Event Series at the PDAC 2014 Convention

Toronto, March 2, 2014

The PDAC’s CSR Event Series aims to facilitate multi-stakeholder dialogue and peer learning on key issues related to CSR in the mineral industry. Sessions are free to attend and open to all registered convention delegates.

Sunday, March 2

8:30 to 10:00am

The Beyond Zero Harm Framework Organizers: IAMGOLD

How can the mining industry measure and demonstrate changes in well-being of mining-impacted communities? The Beyond Zero Harm Framework provides a comprehensive roadmap to tackling this fundamental question. Developed by a multi-stakeholder working group of companies, NGOs and academics, the tool establishes a participatory framework for measuring and demonstrating these changes. The session will be the first public introduction of the framework.

10:30am to 12:00pm

Getting It Right: Community engagement for junior companies Organizer: Triple R Alliance and PDAC

Community engagement is frequently misunderstood and seen as difficult, costly, and not connected to a company’s bottom line. In reality, engagement can be the most cost-effective approach to mitigating social risks. This session will provide a step-by-step approach to community engagement designed for smaller teams. Practical tools will be provided that companies can apply to projects of any size, at any stage, and in any context.

1:00 to 2:30pm

Balancing Performance in Uncertain Times: The relationship between capital markets and environmental and social risks Organizer: Environmental Resources Management (ERM)

This session will examine how effective environmental and social management translates into key finance decisions, whether the capital comes from bank loans, equity markets or cash from existing operations. This panel of top industry executives and financiers will introduce factors currently affecting the capital market climate, and discuss practical ways juniors and majors alike can make a water-tight case for additional funds if they wish to acquire, expand and/or optimize new or current assets.

3:00 to 4:30pm

What You Need to Know and Do: Lessons learned from Mesoamerica Organizer: On Common Ground

Mesoamerica (southern Mexico to Costa Rica) has a current reputation for complex social conflicts. Speakers selected for their willingness to talk candidly about the challenges and opportunities of working with communities in Mesoamerica will provide context for the realities facing explorers on the ground and describe proven tools to address this reality. Facilitated discussion with participants will allow further examination of how to avoid the greatest risks, apply the tools and gain a social license.

Monday, March 3

10:30 to 12:00pm

Local Procurement: Strategies, tools and the benefits for companies and communities Organizer: Engineers Without Borders Canada

Through increasing local procurement of goods and services, companies have an effective method of maximizing the benefits of their investment for host communities and countries, while contributing to their social license to operate. Local procurement leads to more local jobs and income, transfers skills and technology, and helps to create vital domestic business networks. This session will showcase different field-tested approaches stakeholders are taking to increase local procurement.

1:30 to 3:00pm

Water, Mining and Stakeholders: Communicating with communities, government and investors Organizer: International Finance Corporation (IFC)

The economic, environmental, social and cultural values of water are one of the most challenging aspects of a mining project to measure and communicate with diverse stakeholder groups. IFC will bring together technical experts on mine development, communications, community engagement, grievance mechanisms and finance to discuss examples of how companies can avoid conflict, engage in effective dialogue, and earn a social license to operate around water.

3:30 to 5:00pm

The Role of Government in Company-Community Relationships: Lessons from Peru Organizer: Peruvian-Canadian Chamber of Commerce

In order to solve the conflicts between companies and communities, the Government of Peru is actively working to change the dynamic between exploration and mining companies and local community stakeholders. With a panel of company, government, and civil society representatives from Peru, this session will examine relationship management at all stages of the mining lifecycle with a focus on the Government of Peru’s role in moving from dialogue tables to development tables.

Tuesday, March 4

4:00 – 5:30pm

Resource nationalism is commonly cited as the key risk for exploration Resource Nationalism: Moving beyond a narrative of threat Organizer: International Council on Mining and Metals (ICMM) and PDAC and mining companies. Now used as a general label for a series of policy changes, resource nationalism presents significant challenges and opportunities for companies and host governments alike. Through discussion with a panel of leaders from industry, government, and international civil society, this session will address the issues surrounding resource nationalism and start moving the conversation towards a constructive dialogue.

5:30 to 6:30pm

CSR Event Series Closing Reception

A networking reception for CSR practitioners.

More information contact: Emily Nunn – Manager, CSR at enunn@pdac.ca

http://www.pdac.ca

Russian Central Bank decision on key rate

Zurich, 4 March, 2014

The Central Bank of Russia (CBR) decided to temporarily increase the key rate (1-week repo rate) by 1.5 pp up to 7.0%. The cost of other refinancing instruments will increase accordingly (i.e. FX swaps – up to 8%). The decision came as a surprise to the market although many investors considered a monetary policy tightening after the CBR’s meeting on 14 February as a possible scenario.

Emergency measure?

It may be considered as an emergency measure to catch that inflationary risks due to the FX shock (maximum +0.7 pp. to CPI level in 2014) and in order to sustained RUB weakness which could eventually be much higher as the situation with Ukraine is escalating and RUB depreciation has become more acute. This measure should limit RUB depreciation and devaluation expectations. Already today RUB rate was around 36.5/USD and 50.2/EUR despite the fact that during weekend at currency exchange points the rate was RUB 2-3 higher.

The rouble has been depreciating by almost 10% ytd and 18% yoy. In opposition to mid-last year the rouble seemed to be much more in focus and depreciated stronger in comparison to other emerging markets and other major CEE currencies.

Thus the high pressure on the CBR to tighten policy is continuing despite the sluggish economy. In particular this has been the case since several other pressured central banks among global emerging markets chose to act earlier. The Turkish Central Bank hiked in January effectively by +225bp, while Brazil and South African regulators have been in a strong tightening mode for some time.

Outlook

Given that the Russian FX market is currently driven more by political issues rather than economic ones today’s measure could have a limited effect. With the turmoil around Ukraine to persist for some while and given the lack of clear positive shift in fundamentals we remain short term bearish on the rouble, but would see some appreciation potential from elevated levels if the situation around Ukraine calms down. In the short term the upward pressure on the RUB rates will intensify due to cash outflow (ahead of spring holidays and difficult situation on FX market) as well as the CBR’s interventions.There is a lot of concern about the pressure which this measure could put on the money market and the banking system as a whole. On Monday 3 March, the money market rates are at 7-8% compared to 6.3% at the end of the previous week./RLU

Russian Stock Market Virulent Reaction

3 March, Zurich

Ukraine as Achille’s Tendon

News over the military tensions out of the region during last days are less than encouraging for stock market. They have not been positively taken at the open on Monday by Russian stocks, bonds, and the ruble.

Russia is already paying an economic price for its actions in Ukraine.

The Russian Central Bank was forced to hike interest rates over night from 5.5% to 7% in order to stem the plunging Russian ruble. And the stock market has actually crashed. The MICEX index, the country’s benchmark index, is down 8% in early going.

Source: Bloomberg

The market has already been quite bearish on Russian assets this year, particularly the ruble. But the prospect of sanctions and an expensive conflict are leading to swift punishment in the market. And it is by far not the best timing.

The latest manufacturing PMI report that came out this morning is not full of hopeful outlook. Russia is seeing its fourth straight month of contractions, with a reading of 48.5. New business developments and employment in Russian companies both declined, with new orders seeing their fastest contraction since 2009.