Experts working on the "Strategy 2020"

Experts working on the "Strategy 2020" for the Russian government, came to the conclusion that the RZD should develop in state money. In addition, the team considers it necessary to revise the plan to sell subsidiaries of monopoly by imposing a ban on the sale of "strategic importance for the functioning of the branch companies." Findings were consistent with the fact that more than one year before the government is trying to convey itself a monopoly.

Expert Group, "Strategy 2020" published the next part of their opinions about the future economic development. At this time there were revealed the results of the study a subgroup of "Rail", in which experts have analyzed the reform of the railway industry.

Conclusions of overlap that the last two years trying to convey to the Government of OAO RZD. The experts of the "Strategy 2020" under the leadership of director general of the Institute of Natural Monopolies Yuri Sahakyan believes that the main problem of development of rail transport is "impossible in the short and medium term to fully meet the needs of the economy and population in traffic." As part of the cargo, according to experts, this is due to market liberalization: a situation where the Railways as the carrier is not his car, lost control efficiency of rolling stock, empty wagons of private owners and clog an already overburdened infrastructure sites. Passenger transport (long-distance trains on more than 40% of the total number of passengers of all modes of transportation) due to the removal of these subsidies are becoming more expensive. Suburban complex does not meet the requirements of the economy because of the lack of a mechanism of break-even commuter rail carriers, experts say.

To solve this problem there are three scenarios. The inertia, which can lead to degradation of the infrastructure of the complex: Goods will be exported not as much as you need and how many will turn out. The liberal scenario involves only state to retain the infrastructure, greatly increasing the tariff for its use, and all other rail activities (including shipping) to give private owners. The consequences of such a solution can be degraded a number of industries, including coal, believe in the "Strategy 2020": The industry can not cope with the increase of transportation costs in production costs.

While experts tend to the third option, which is indicated in the documents as a "soft budget". Its essence lies in the allocation of funds to the Railways for infrastructure projects (RZD evaluates these needs until the year 2015 about 450 billion rubles).. But beyond that, experts believe that the railway monopoly to retain the status of a leading operator of freight cars, retaining "major subsidiary". To do this, Railways should review the program of selling its "daughters" with the imposition of ban on the sale of companies that have strategic importance for the functioning of rail transport in general. The names of companies not listed in the document, but it is clear that this is a second cargo company, in which control Railways should sell after 2015.

General Director of the agency «Infoline-analyst" Michael Burmistrov surprised that such a strong and authoritative expert group considered Railways, but still tougher version of: previously the monopoly did not resist the gradual sale of its subsidiaries. "It is strange that the document does not reflect the experts the most important issue today: the lack of an effective management mechanism in private wagons park", - says Mikhail Burmistrov. According to him, Railways during the years of reform were to solve this problem, but instead took only a few solutions "manual mode", which is now the main threat to the implementation of traffic to the extent demanded by the economy.

Venezuela plans to nationalize the gold mining industry

Venezuela announced the nationalization of the mining industry and the repatriation of international reserves. The only local gold mining company with Russian capital, it will not be affected: SP Rusoro has lost the license for one of the world's largest deposit of Las Cristinas in February.

Venezuela plans to nationalize the gold mining industry. This was said yesterday the country's president Hugo Chavez. "We're going to nationalize the gold to convert it to other things in our international reserves, as gold continues to rise in price," - said the president of Venezuela. Since the beginning of the year against the backdrop of weakening global economy gold has risen in price by a third. Yesterday, for instance, an ounce of the metal once again set a historic high, topping the mark of $ 1.82 million (see material on this band).

Venezuela's production volumes are relatively small. According to government statistics, the total amount it is 4.3 tons per year, the amount of foreign reserves - 366 tons. For example, the largest Russian company "Polyus Gold" in the year produces nine times as much. Meanwhile, Venezuela's nationalization of the mining industry may undermine the implementation of projects of Canadian companies with Russian capital - Rusoro Mining.

Rusoro annually produces about 100 million ounces of gold (approximately 65% ​​of the total production of Venezuela). In 2010, revenues were $ 144 million, EBITDA - $ 21 million, net loss - $ 88.6 million company is listed on the stock exchange of Toronto. Since March capitalization Rusoro fell nearly tripled - to $ 66 million estimate the company, in local projects has invested about $ 750 million

Rusoro - the only major gold producer in Venezuela. The company was founded Russian businessman Vladimir Agapov, who, according to a source close to him, "b", started his business in this country with the extraction of kaolin (used in the manufacture of porcelain). Businesswoman engaged in gold mining since 2007. At present the company owns two mines - Choco 10 and Isidora (total reserves - 12.8 million troy ounces). The last mine Rusoro owns at parity with the Government of Venezuela. The largest shareholder is the son of Vladimir Agapov Andrew (13.53%).

In Russia, Rusoro has become known in 2008 when, during the visit of Deputy Prime Minister Igor Sechin, to Venezuela, the company acquired the rights to one of the world's largest gold deposits - Las Cristinas. Reserves are estimated at 35 million ounces. For comparison, the Russian stock Natalka (considered the third largest in the world, a license for it belongs to the company "Polyus Gold") are about 41 million ounces. For the development of Las Cristinas was formed company Venrus, whose founders were Rusoro and the Venezuelan government.

But Agapov never have started development of the deposit. At the time of signing the contract with Rusoro rights to Las Cristinas were in another Canadian company - Crystallex, which went to the Venezuelan Government in February this year.

By this time, Rusoro contract has expired, and the deposit became the property of the state, said yesterday, "Kommersant" Andrey Agapov. What are your plans for Las Cristinas in the administration of Hugo Chavez is now, he does not know. "It's a big bat, which they (the government of Venezuela .-" b ") are unlikely to develop themselves. Most likely, you will create a joint venture with a major international corporation," - he said "b".

Will now returned to Venezuela, current projects Rusoro, as yet unknown. Get the comments in the administration of Hugo Chavez's "Kommersant" yesterday failed. Andre Agapov sure that yesterday's statement by Chavez Rusoro not apply, he said, they talked about the fight against the Mafia in the gold mining business - "Our business is 100% legal, all depths, and so belong to the state." In an interview with The Wall Street Journal, he noted that his father (Chairman Vladimir Agapov Rusoro) "friendly" with Hugo Chavez and his company "has always had good relations with the government of Venezuela."

The nationalization of the gold mining sector - the continuation of policies of Hugo Chavez to nationalize natural resources, said the deputy head of the Russian-Venezuelan Business Council Vladimir Semago. But the achievement of economic effect in this case out of the question - "is a purely political action on the eve of the election." According to IHS Global Insight analyst on Latin America, Diego Moya-Okampos, "it could also be a gesture of protection of assets of Venezuela abroad from possible decisions of arbitration courts" on the claims of companies affected by the nationalization. "Now the government plans to pay compensation, but may change their plans because of financial problems," - says the analyst.

Third in the sentence "Norilsk Nickel", "Rusal" to sell its stake in MMC

Third in the sentence "Norilsk Nickel", "Rusal" to sell its stake in MMC, the parameters of which were announced today, will be the average price. Offer includes repurchase shares at $ 306 apiece, compared to $ 251.8 and $ 335.7. Total "Norilsk Nickel" wants to buy out of "Rusal" 15% of the share capital of $ 8.75 billion, half of that amount - borrowed money.

"Norilsk Nickel" announced "Rusal" Oleg Deripaska terms of the offer to repurchase its own shares. Offer includes the acquisition of 15% from 25.13% existing shares Aluminum Company "Norilsk Nickel" for $ 8.75 billion, or $ 306 per share. The offer price is determined based on the recommendations of independent consultants, banks and assumes a 20 percent premium over the weighted average market price of shares in the past six months, said the MMC. Since early August, "Norilsk Nickel" has fallen by 13%, so on the basis of current prices (at 12:00 - $ 225.8 per share) premium of more than 35%. Parameters will be considered at board meetings, "Norilsk Nickel" August 24, if approved, the offer will run until September 5.

This is the third offer, "Norilsk Nickel", the first two were made, "Rusal" in December and February. The current proposal is 21.5% better than the first, but 8.8% worse than the previous one. However, the sources of "Y", close to the MMC, last week warned that the new conditions of the offer will be worse, because the market situation has changed since February.

"Norilsk Nickel" said the transaction will be used for equity and debt. For redemption, in particular, MMC plans to send its own account $ 4.5 billion, another $ 4.25 billion to take on the market, "Interfax". Attract the same amount of work not be: according to analysts, c forecast for EBITDA of $ 8 billion, "Norilsk Nickel" can easily take about $ 15 billion in case of acceptance of "Rusal" to an offer for 10% stake in MMC offers a shareholders' agreement.

"Rusal", like the previous two times, called the investment in the "Norilsk Nickel" "strategic." "And as a public company, we discuss all the proposals received by the Company in accordance with the" Rusal "corporate governance procedures," - said the press service of the company.

In case of failure, and this time, "Norilsk Nickel" intends to repurchase its own shares. Parameters buy back have not been determined. We only know that the treasury shares at the suggestion of "Interros" Vladimir Potanin (30% SMC) can be redeemed. In this case, "Norilsk Nickel" may appear in the person of a controlling shareholder alliance "Interros" and management (from 9.2% MMC) with a loyal raider Trafigura (8%). It will be enough to buy another 6%, says Nicholas Sosnowski of "VTB Capital." In addition, the redemption of shares will allow "Interros" cross the 30 percent barrier and continue to increase its stake to 50% without a declaration of an offer to other shareholders. The share of "Rusal" in this case will rise to 26.7%.