Часть 2.

Nickel use patterns outside China

First let’s look at nickel use patterns outside of China. First use of nickel is dominated by stainless steel (60%), but with important volumes being used in nickel-based alloys (11%), plating (10%), alloy steels (8%), foundry (3%), copper alloys (2%). The balance (6%) is a wide range of different first uses.

End use is very diverse. Nickel is used in hundreds of different applications in all sectors of economic activity - infrastructure, capital investment and consumer goods. For convenience, these uses can be grouped into major end use sectors - engineering, transport, electrical and electronic, building and construction, metal good, tubular products. No single sector dominates nickel use. And no single end use accounts for more than two or three percent of total nickel use.

This diversity of use reflects nickel’s role as the great enabler - conferring valuable improvements of properties as varied as corrosion resistance, toughness, strength at various operating temperatures. Nickel also enables the production of vital products with special properties – magnetic, electronic, controlled expansion, catalytic and battery-related.

Nickel use has been highly innovative, with added value more than compensating for the relatively high cost of nickel. Continuous innovation has underpinned the long term trend growth rate of global nickel use, which at 4% per annum exceeds global GDP growth rate. The accumulated knowledge base related to the use of nickel provides a formidable platform on which future innovation can be based. With this proven track record of innovation, nickel can play an even more important role in future society than it does today.

Today, nickel products play key roles in all developed and developing economies. They enable efficient telecommunications, safe transportation, effective oil and gas production, clean and reliable energy generation, hygienic processing of foods and drinks, safe and reliable medical equipment, water treatment and delivery and various emissions-reducing equipment from gas scrubbers to hybrid vehicles.

These nickel products are becoming more critical to modern society - including that developing in China. All are being used in China today. All will be used more in China tomorrow. Most are being produced in China today. All will be produced in China tomorrow.

Expectations for the pattern of nickel use in China

This brings me back to my sub-title – is China different? If not, then we should expect nickel use in China to develop and show essentially the same pattern as elsewhere in the world. We should expect China’s authorities to be interested in long life modern infrastructure – energy, telecommunications, water, and hospitals.

We should expect China’s companies to be interested in long life, modern capital equipment for oil and gas, chemicals, food processing, drinks production, construction and commercial catering. Many companies in China already have experience of this equipment through the inward investment associated with Joint Ventures.

We should expect China’s people to be interested in attractive cookware, tableware, plumbing fitments, portable electronics and personal transport. There may be some special cultural influences, but even these may end up acting in nickel’s favour. I am told that shiny stainless steel and chromium plating can be associated with good feng shui.

Current use of nickel in China

China’s primary nickel use in 2003 is estimated by the INSG to be 125,000 tonnes, up from 43,000 tonnes in 1997. But primary nickel use is not the full story of nickel use in China. To get the measure of China’s current use of nickel, we should include nickel units used as scrap and nickel units used as imported products. I have attempted to do this for 2003. As we have seen, primary nickel use in China was 125,000 tonnes.

According to a paper by ELG earlier this year, Chinese imports of stainless steel scrap in 2003 totalled 154,000T. Assuming average 8% nickel content, these imports contained about 12,000 tonnes of nickel. But China was also a large net importer of stainless steel semi-finished products - slabs, strip, bar, tubes - imported as raw materials for China’s fabrication and manufacturing industries. In 2003, according to the CSSC, semi-finished stainless steel imports were 2.836 million tonnes, representing about 226,000 tonnes of nickel contained, again assuming 8% nickel content.

Adding this in gives a total Chinese use of nickel units in 2003 of 363,000 tonnes, a huge amount of nickel. I did the same calculation for 1997 and got a total nickel unit use of about 86,000 tonnes. In other words, on this measure, total nickel unit use in China has quadrupled in five years!

This treatment is likely to overstate the real situation for total nickel unit use. Some of this use was ultimately exported from China as nickel-containing goods – especially as consumer goods and electronics. It also ignores the imports of low nickel stainless steel. But on the other side of the equation, I am told that, as China’s domestic demand increases, the percentage of Chinese manufactured goods that are exported is steadily decreasing. And China’s rapidly growing imports will also include a lot of capital equipment and other products that contain nickel.

So my assumption for the total use of nickel units within China itself in 2003 is in the order of 300 – 330,000 tonnes. Nickel unit use will probably continue to increase year on year in 2004 and 2005.

The exact mix between primary nickel, scrap and imported stainless steel will of course change as Chinese stainless production capacity increases. These trade changes will be difficult and will increase confusion, especially if accompanied by speculative or panic-related stocking and destocking activity. And not just stainless steel

Stainless steel is the big nickel story in China – as it is globally. But nickel use in China is based on more than stainless steel. In a recent presentation to the INSG, CRU estimated that non-stainless uses of primary nickel in China will grow at over 6% a year between 2003 and 2005, with non-ferrous alloys, plating, alloy steels and batteries all showing strong growth.

http://www.nickelinstitute.org/index.cfm/ci_id/12954.htm

Текст 14.

Задание 1. Прочитайте однократно оригинальный текст. Передайте как можно ближе к оригиналу содержание текста на английском языке (без опоры на письменный текст).

Задание 2. Выполните устный перевод с листа оригинального русского текста.

РЫНОК ЦВЕТНЫХ МЕТАЛЛОВ В АПРЕЛЕ

Наталья Андреева

Никель

За последние месяцы никель подорожал почти на 50%, поднявшись до наивысших за два года цен, чему способствовало улучшение спроса на нержавеющую сталь и рост ее производства. Специалисты говорят о растущем реальном спросе, усиленном нехваткой нержавеющего лома и новостями о приостановках производства по техническим и социальным причинам на предприятиях сектора.

Увеличения выпуска никеля пока на рынке не наблюдается: International Nickel Study Group сообщает, что в феврале в мире было выпущено 107,7 тыс. т первичного никеля, а потребление составило 111 тыс. т. Японская Sumitomo Metal Mining ожидает дефицита металла уже в конце 2010 г. В марте на 56% по сравнению с февралем увеличил импорт рафинированного никеля Китай, но, как и в случае с медью, при столь высоком ценовом уровне китайские покупатели обойдутся и без новых поступлений металла.

А вот производителей растущие цены могут вдохновить на запуск ранее замороженных мощностей, это около 20%. И если они сделают это, то ожидаемый дефицит сменится избыточным предложением и удешевлением металла. Снижение цен на никель к концу месяца может несколько охладить пыл желающих получить максимальную прибыль после запуска остановленных активов, стабильного роста на рынке нет.

Олово

С начала года олово выросло в цене на 12%, в апреле металл подорожал до уровня сентября 2008 г. Рост цен на металл не случаен и связан не только с общим трендом. Подорожание олова вызвано рядом объективных причин:

- сокращением на 21% объема запасов на ЛБМ;

- снижением в 1 квартале экспорта олова из Индонезии на 23% из-за сезона дождей и штормов, только в марте экспорт упал на 41%;

- крупнейший китайский производитель олова Yunnan Tin в 1-м квартале выпустил 17,1 тыс. т, что оказалось на 30% меньше, чем в предыдущем квартале, хотя и выше результата 1 квартала 2009 г.;

- Standard Bank опубликовал прогноз на 2010 г. – спрос превысит предложение на 2 тыс. т, в последующие годы нехватка станет более ощутимой.

Пока еще дефицита нет, по итогам первых двух месяцев WBMS фиксирует рыночный избыток 4,9 тыс. т и крайне низкие объемы импорта в США. С восстановлением мировой экономики потребление олова вырастет.

http://www.metaldaily.ru/news/news40301.html

Текст 15.

SIBERIA: RUSSIA’S ECONOMIC HEARTLAND AND DAUNTING DILEMMA

By Fiona Hill

Siberia has loomed large in perceptions about Russia’s place in the world. Throughout Russia’s modern history, Siberia’s size – it encompasses more than three-quarters of Russia’s total territory – and its geostrategic position astride the Eurasian landmass have contributed significantly to Russia itself. And the exploration and development of Siberia have helped shape Russian national identity. Siberia has been seen as Russia’s “treasure chest,” the source of new wealth, new territory, and folk traditions that evolved alongside the unique cultures of Siberia’s indigenous peoples. Russian writers have extolled Siberia as the “untamed frontier” and a “New World” savior for the rest of Russia. As late as the 1980s, a statement attributed to Mikhail Lomonosov, the great Russian scholar of the eighteenth century – “Russia’s power will grow with Siberia” – adorned the walls of Russia’s science classrooms.

Siberia, as the primary repository of Russia’s massive natural resource base, has played a vital role in underpinning the Russian economy. Furs from the forestlands across the Ural Mountains and Siberia, along with salt and minerals, bolstered the economy of Muscovy and the early Russian empire from the fifteenth to the eighteenth centuries. Siberia’s mineral resources fueled the industrialization of the Russian empire in the nineteenth century and the development of Soviet industry after the 1917 revolution. West Siberian oil became the mainstay of the late Soviet economy from the 1960s, and it remains the backbone of the Russian economy today.

According to Russian calculations, Siberia holds just under 80 percent of Russia’s oil resources, about 85 percent of its natural gas, 80 percent of its coal, similar amounts of precious metals and diamonds, and a little over 40 percent of the nation’s timber resources. As a result of this rich base, and its exploitation, Siberia is in many respects what geographer David Hooson would call Russia’s “effective national territory,” or its economic heartland – the region that produces a surplus relative to the size of its population and that essentially supports the rest of the country. As a number of recent studies by geographer Michael Bradshaw and economist Peter Westin have demonstrated, with the exception of the city of Moscow and the industrial region of Samara in the Urals, the major contributors to the Russian economy in terms of per capita gross regional product (GRP) are all natural-resource regions, primarily in Siberia and the Russian Far East. The oil-producing region of Tyumen in West Siberia tops the list; then Chukotka, also a major energy producer; Sakha (Yakutia), the site of Russia’s world-class diamond industry; Magadan, a major mining region; Sakhalin, the island repository off the Pacific coast of one of Russia’s richest new finds of oil and gas; and Krasnoyarsk, a vast coal mining, mineral, and precious metal producing region.

Siberian economy: facts and figures

In the 1st quarter of 1995 Siberia gave 24% of Russia’s industrial output, its share of national economy balance-sheet profits in the quarter was 18.3%. Indicators of economic efficiency for majority of Siberian regions and territories considerably exceed the Russian economy average. That is, labor productivity in Siberia surpassed the Russia’s average for 58% in the 1st quarter. In certain Siberian territories the superiority is even greater: in Tyumen region – for 326%, in Irkutsk one – for 94, in Krasnoyarsk krai – for 66%. Average wages in Siberia exceeded Russia’s average earnings by 32% in the 1st quarter of 1995.

http://www.brookings.edu/experts/hillf.aspx

Текст 16.

Задание 1. Выполните устный перевод с листа следующего текста.

Задание 2. Передайте как можно ближе к оригиналу содержание текста на русском языке, воспроизведя по памяти как можно больший объем прецизионной информации, заключенной в тексте (без опоры на письменный текст).

ДОБЫЧА ТОПЛИВНО-ЭНЕРГЕТИЧЕСКИХ ПОЛЕЗНЫХ ИСКОПАЕМЫХ В КРАСНОЯРСКОМ КРАЕ

В 2008 году в крае объем отгруженной продукции по добыче топливно-энергетических полезных ископаемых составил 17,1 млрд. рублей при индексе производства 120,4%, по России – 99,8 процента. Удельный вес объема отгруженных товаров по данному виду экономической деятельности в общем объеме добычи полезных ископаемых в 2008 году составил 39 процентов.

Уголь является основной номенклатурой данного вида деятельности, удельный вес которого в объеме отгруженных товаров составляет 59%. Добыча угля в 2008 году составила 44,7 млн. тонн, или 118,6% к уровню 2007 года. На увеличение объемов угледобычи повлияли общий рост потребления электроэнергии в крае, связанный с ростом промышленного производства в течение января-сентября 2008 года, второй фактор связан с увеличением доли объемов производства электроэнергии теплоэлектростанциями по причине снижения уровня водности бассейна р. Енисей.

Крупные угледобывающие предприятия края увеличили добычу угля:

• ОАО «СУЭК-Красноярск» – на 24,2%;

• ОАО «Красноярсккрайуголь» – на 23,3%, в том числе Переяславский разрез увеличил добычу угля на 26,5% (на разрезе добывается 89% угля от общего объема добычи по предприятию) в связи с увеличением поставок угля за пределы края (Иркутская, Читинская области и на экспорт).

Добыча газа естественного (природного) увеличилась на 19 процентов.

Прирост общего объема добычи обеспечен увеличением на 27,5% добычи газа ОАО «Таймыргаз» на Пеляткинском газоконденсатное месторождение. При этом ОАО «Норильскгазпром» сократил объем добычи газа на 14,6% в связи с истощением запасов отрабатываемого месторождения.

Добываемый предприятиями газ поставляется для нужд Норильского промышленного района, и увеличение объема добычи в крае обусловлено снижением добычи газа на территории Ямало-Ненецкого АО.

www.krskstate.ru

Текст 17.

Задание 1. Прочитайте однократно оригинальный русский текст и передайте устно на английском языке его основное содержание.

Задание 2. Выполните устный перевод с листа.

ОАО «ГМК «НОРИЛЬСКИЙ НИКЕЛЬ»

Горно-металлургическая компания «Норильский никель» занимает первое место в мире по производству никеля и палладия, является одним из крупнейших производителей платины и меди. Компания занимается как разведкой и добычей полезных ископаемых, так и производством цветных и драгоценных металлов.

Основные российские добывающие активы «Норникеля» находятся за полярным кругом на Таймырском полуострове. Второй по значимости добывающий актив компании в России находится на Кольском полуострове, где разрабатываются медно-никелевые месторождения. По состоянию на 31 декабря 2007г. запасы компании в РФ составляли около 6 млн тонн никеля и около 9 млн тонн меди, большая часть из которых приходится на Талнахские месторождения. Руды на Таймыре также богаты драгоценными металлами – запасы платины в этом районе превышают 16 млн унций, палладия – 63 млн унций. Кроме того, «Норникель» владеет активами за рубежом – в Австралии, Ботсване, ЮАР и Финляндии, которые вошли в состав ГМК в результате покупки канадской LionOre Mining и никелевого бизнеса американской OM Group.

Крупнейшими акционерами «Норильского никеля» являются Владимир Потанин (25%+1 акция) и объединенная компания «Российский алюминий» (25%). Чистая прибыль «Норникеля» по российским стандартам бухгалтерского учета (РСБУ) в 2009г. составила 98,030 млрд руб. Предприятия «Норильского никеля» в 2009г. произвели 283 тыс. т никеля, 2,8 млн унций палладия, 402 тыс. т. меди и 661 тыс. унций платины.

Текст 18.

Задание 1. Прочитайте однократно оригинальный текст и передайте устно на русском языке его основное содержание.

Задание 2. Выполните устный перевод с листа.

NEED TO KNOW: INTERSERVE CONTRACT... JEANJEAN MERGER... AVTOVAZ JOB CUTS...

Economics

The pound: Sterling fell to a five-month low against the dollar and the euro after Mervyn King, the Governor of the Bank of England, implied that he was comfortable with a weaker pound. Mr King said the falling pound “will be helpful” to rebalance Britain’s economy by helping to boost exports.

Irish economy: Official figures showed that the Irish economy shrank by 7.4 per cent in the second quarter, compared with a year ago.

German business confidence: The German Ifo institute’s business confidence index improved for the sixth consecutive month in September, rising to 91.3, from 90.5 in August.

US unemployment: The number of Americans filing first-time claims for jobless benefits dropped unexpectedly last week, by 21,000 to 530,000, the lowest in two months, according to the Labour Department, and marking the third consecutive weekly decline.

US housing: Sales of existing US homes fell unexpectedly in August by 2.7 per cent to an annual rate of 5.1 million, the first decline in four months, according to the National Association of Realtors.

Consumer goods

Jeanjean: The French wine group is to merge with Laroche in a deal that values Laroche at €24.7 million (£22.5 million). The deal will create one of France’s leading wine producers with more than 1,450 hectares of vineyards and a turnover of about €200 million. It will also see Jeanjean absorb Laroche by offering to buy 11 per cent of Laroche’s capital for €13.38 per share.

Engineering

BAE Systems: Europe’s largest defence company has taken full control of what remains of the UK’s shipbuilding industry with the acquisition of BVT. VT Group, the former Vosper Thorneycroft, sold its 45 per cent shareholding in BVT for £346 million, ending 150 years of shipbuilding heritage. BAE and VT had merged their shipbuilding assets last year in a deal that created BVT.

Avtovaz: Russia’s largest carmaker said that it will cut more than a quarter of its 102,000 workforce to battle with spiralling losses. The company is 25 per cent owned by Renault, the French carmaker, and has been losing money for years. Demand for its Lada sedans has fallen sharply in the economic downturn. The group’s first-half sales dropped by 44 per cent, according to the Association of European Businesses in Russia.

Jaguar Land Rover: The carmaker said that it will shut one of its factories in the West Midlands, close its final salary pension scheme and reduce pay levels for new staff to reduce costs across the business. The axe will fall on either the Land Rover factory in Solihull, which employs 5,000 workers, or Jaguar’s base at Castle Bromwich, housing 2,000 staff. But Jaguar Land Rover also pledged to create 800 new jobs on Merseyside.

Natural resources

Rusal: The Russian aluminium producer said that it had reached agreement with its creditors on paying Alfa Bank debts worth $85.9 million (£53.4 million). Alfa had said earlier that it had asked the courts to declare the bankruptcy of two Rusal units – Siberian-Urals Aluminium and Krasnoyarsk Aluminium Plant.

Wugang Australia Resources: The Chinese state-owned group, a wholly-owned subsidiary of the state-owned Wuhan Iron and Steel company, has had its bid to buy half of the proposed Hawks Nest magnetic mine within the Woomera military range, in South Australia, vetoed by Australia’s Defence Department on security and safety grounds. It is the second time this year that Australia has blocked Chinese investment in the area.

www.business.timesonlone.co.uk/tol/business/industry_sectors

Текст 19.

Задание 1. Прочитайте исходный текст в ускоренном темпе. Передайте как можно ближе к оригиналу содержание текста на русском языке, воспроизведя по памяти как можно больший объем прецизионной информации, заключенной в тексте (без опоры на письменный текст).

Задание 2. Выполните устный перевод с листа оригинального английского текста, сохраняя темп чтения оригинала.

SAXO BANK OUTLOOK Q2 2010: “SOLID GROWTH, BUT TROUBLE LOOMS”

In a follow-up to their financial outlook for 2010, Saxo Bank, the trading and investment specialist, has launched its economic outlook for the second quarter in 2010. Saxo Bank’s Strategy Team is revising its forecasts for the stock market slightly lower for the next three months.

Saxo Bank observes a slowdown in fundamental data both on a global monthly and a US weekly basis. The slowdown is broad-based, which is a concern although it is not yet dramatic. Leading indicator indices confirm the slowdown, but the Strategy Team still expects a solid growth in Q2. However, this growth should weaken towards the end of the year, where stimulus programs peter out and markets will be nervous about the impact of resetting Option-ARMs, Alt-A mortgages and Commercial Real Estate refinancing.

As a result of this, Saxo Bank advises investors to show great caution in constructing their portfolios. Monetary policy will continue to reflect a weak economic outlook and the Saxo Bank analysts would be surprised to see policy rates moving higher in the current year for the US, Euro-Zone and Japan.

Commenting on the outlook, David Karsbol, Chief Economist at Saxo Bank said:

“We see that the predictions we made in our Yearly Outlook 2010 overall were correct. The improvement in financial markets as well as consumer sentiment is not real, and even though the global economy seems to be recovering, it is worth reminding oneself that much of the current growth is based on government consumption and stimulus programs. We still expect growth in the next quarter, but this is based on parameters which could – later this year – have a negative impact on investment portfolios.”

The Quarterly Outlook Q2 2010 reflects on the following areas:

Market comment: Bloated optimism to peak higher?

Saxo Bank is still in the deflationist/disinflationist camp on a 12 to 24 months horizon, but the low interest rates are providing support for the housing markets, which in many countries stabilised and in some countries now make new highs.

Macro forecast

For the US, Saxo Bank expects at 2.4% growth in the second quarter as inventories and stimuli pick up despite the weakness in housing. The Eurozone and UK will see weak yet positive growth in Q2 as both regions dig themselves out of the deep economic hole they are in. In Asia, Japan is struggling to escape the deflationary debt burden that continuously suppresses any real recovery. In the very short term, however, we see ample room for continued expansion as a flow of government funds is providing the fix.

FX Outlook

The poles of FX – the Australian dollar on the strong side and the British pound on the weak side – are stretched to extremes. Another question is whether the USD rally catches fire again and whether the Euro will resume its steep slide.

Equity Outlook

Saxo Bank’s analysts stick to the original underlying thesis that equities will move higher in the first half of the year and then lower in the second half. They have, however, revised their forecasts a bit lower as they expect macroeconomic data to remain sluggish and they do not anticipate another positively surprising earnings season leading towards further upward revisions. 

Policy rates

In the US, Saxo Bank expects the Fed’s first moves towards any sort of tightening to be the removal of some QE measures, but not before end-Q3. Rises in the interest rate the FED pays on reserves and/or rises in the Fed Funds rate will happen between Q2 2011 and Q2 2012. In Japan, they do not expect any increase in the BOJ’s overnight call rate (currently 0.1%), before end-Q3. It seems increasingly likely that the BOJ will bow to the pressure from the MOF. In the Eurozone, Saxo Bank expects to see the Refinance Rate to remain unchanged at 1% until at least Q1 2011 and that the ECB will provide enough liquidity to keep overnight market rates below 0.5% during this period. In the UK, Saxo Bank anticipates base rates to remain at 0.5% until at least Q1 2011, with the distinct possibility that QE is reintroduced.

Commodity Outlook

Most commodities began 2010 as horses out of the starting box, racing to solid gains primarily enabled by the strong momentum that had carried over from 2009. Saxo Bank’s analysts are long term bullish on gold, but think that the short term will offer better buying opportunities than the USD 1,120 seen at the time of writing of the outlook.

www.saxobank.com/en/about-us/press/.../press-and-media.aspx

Текст 20.

Задание 1. Переведите с листа по абзацам на английский язык следующий текст, повторяя перевод предыдущего абзаца, сделанный вашим коллегой.

Задание 2. Выполните аннотирование текста на языке перевода (без опоры на письменный текст).

ИНТЕЛЛИГЕНТ, ЛОВИ МОМЕНТ!

Андрей Шмаров

А момент – начала устойчивого промышленного подъема, – кажется, наступит уже в конце осени. Речь вот о чем.

Судя по всем наблюдаемым индикаторам – как русским народным, так и вполне статистически значимым, – экономика РФ находится сейчас точно между двумя качественно разными фазами промышленного роста.

Первая фаза – восстановительный рост, это когда выпуск продукции растет за счет задействования простаивающих мощностей и возвращения на них ранее уволенных людей. Эта фаза длилась примерно полгода и завершилась в июне; экономика приостановилась.

Сейчас начался межфазовый период, когда накапливаются предпосылки для подъема нового качества. Что происходит?

По наблюдениям хороших экономистов из Центра макроэкономического анализа и краткосрочного прогнозирования (ЦМАКП), практически восстановился нормальный режим работы финансовой системы: банки продают накупленную в период девальвации рубля валюту, а на вырученные рубли выдают кредиты – кредитный портфель всей банковской системы устойчиво растет начиная с марта.

Восстанавливаются рынок труда и потребление. Официально фиксируемая безработица падает, а планы предприятий по приему на работу уже значительно превышают планы увольнять работников (Институт Гайдара). Надежная занятость и восстановившиеся на докризисном уровне доходы населения активизировали спрос, а вслед за ним и производство авто- и бытовой техники.

Все это практически один в один воспроизводит картину кризиса десятилетней давности: именно в начале 2000 года, то есть через полтора года после августа 1998-го, наблюдались такие же процессы (ЦМАКП). Чем же это закончилось тогда – и, надеюсь, получится и сейчас?

Тем, что начнутся инвестиции в основной капитал, то есть компании, взявшие паузу и придерживающие денежки, уверятся, что бизнес восстанавливается, и начнут вкладываться в расширение и развитие производства. Именно такой инвестиционный рост и составит вторую фазу подъема, надежную и долгосрочную.

Специалисты прогнозируют начало этой фазы на конец осени. Как это проверить, а еще лучше – мониторить, чтобы вовремя и самому вложиться в растущий рынок?

Лично я бы сделал очень просто. Взял бы несколько надежных СМИ, например «Коммерсант» и «Ведомости», и начал тупо подсчитывать количество заметок в неделю, посвященных запускам новых проектов, и рисовать график. Как только кривая на графике станет отчетливо выпуклой вниз – все, беги покупай.

www.snob.ru/go-to-comment/166733

Текст 21.

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ИСТОРИЯ КОМПАНИИ «НОРИЛЬСКИЙ НИКЕЛЬ»

История создания ОАО «ГМК «Норильский никель» началась 23 июня 1935г., когда Совет народных комиссаров СССР принял постановление «О строительстве Норильского комбината на Таймыре». Возведение комбината осуществлялось в основном за счет заключенных, за его строительство отвечал «Норильскстрой», который входил в состав НКВД. Первую продукцию Норильский комбинат выпустил в марте 1939г. В начале 50-х годов предприятие обеспечивало потребности Советского Союза в никеле на 35%, меди – на 12%, кобальта – на 30%, а платиноидов – на 90%. Но к концу десятилетия основные запасы богатых руд норильских месторождений были практически отработаны. Новая эпоха в развитии комбината началась с открытия близ Норильска в начале 60-х годов уникальных по запасам месторождений – Талнахского и Октябрьского, которые до сих пор остаются основными активами «Норникеля».

Незадолго до окончательного распада Советского Союза, в ноябре 1989г., совет министров СССР принял решение объединить горно-металлургические предприятия на Таймыре с никелевыми активами на Кольском полуострове – «Печенганикелем» и «Североникелем». На их основе был создан государственный концерн по производству драгоценных и цветных металлов под названием «Норильский никель».

В 1993г. указом президента России Бориса Ельцина госконцерн был преобразован в акционерное общество РАО «Норильский никель». На следующий год была осуществлена его частичная приватизация – контрольный пакет (38% от уставного капитала или 51% голосующих акций) остался у государства, остальные акции были переданы трудовому коллективу и выставлены на чековые аукционы. Однако уже в ноябре 1995г. контрольный пакет РАО «Норникель» был выставлен на залоговый аукцион, по итогам которого был передан в качестве залога ОНЭКСИМ Банку (принадлежал В.Потанину и М.Прохорову), заплатившему государству 170,1 млн долл. Эта цена была всего на 100 тыс. долл. выше стартовой, определенной в размере 170 млн. долл.

Двумя годами позднее, в августе 1997г. заложенный контрольный пакет акций «Норникеля» был выставлен на продажу. Победителем торгов стало ЗАО «СВИФТ», представлявшее интересы ОНЭКСИМ Банка. Победитель заплатил государству за 38% акций РАО (51% голосующих) более 270 млн долл. и взял на себя ряд обязательств, а именно инвестировать 300 млн долл. в освоение Пеляткинского газоконденсатного месторождения и 400 млрд неденоминированных рублей на содержание социальной инфраструктуры Норильского промышленного района, а также погасить долги предприятий «Норникеля» перед Пенсионным фондом.

Впоследствии политики неоднократно поднимали вопрос о необходимости пересмотреть итоги приватизации «Норильского никеля», этой проблемой занимались и правоохранительные органы. В 2000г. ситуация обострилась: московская прокуратура подала в столичный арбитраж иск о незаконности аукциона по продаже госпакета «Норникеля», но суд не принял его к рассмотрению. Потом делом занялась Генеральная прокуратура РФ, которая предложила акционерам компании возместить 140 млн долл. нанесенного государству ущерба в обмен на иммунитет по этому делу, акционеры отказались. Была предпринята и окончившаяся неудачей попытка рассмотреть вопрос о реприватизации «Норникеля» в Госдуме.

В этом же году владельцы «Норильского никеля» начали реструктуризацию компании и перевели свои активы на ОАО «Норильская горная компания», которая в феврале 2001г. была переименована в ОАО «Горно-металлургическая компания «Норильский никель».

Текст 22.

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THE WORLD’S MOST MODERN PLANT – AND IT’S IN SIBERIA

By Simon Caulkin

Siberia is huge, empty and inhospitable – a five-hour plane ride from Moscow in a battered 1970s Tupolev gets you no further than the wild central republic of Khakasia: population 600,000; average yearly temperature, zero Celcius. It seems an unlikely hotbed of new developments in a £30bn world industry.

Yet nothing better illustrates the changing of the world’s industrial guard than the new Khakas aluminium smelter at Sayanogorsk, south of capital Abakan. Khakas, the first smelter built in Russia since 1985 and claimed to be the most technologically advanced in the world, is being built by Russians, using Russian technology, with Russian money. The £375m investment is just a starter: even before this month’s merger announcement with smaller rival Sual, parent Rusal (for Russian Aluminium) had began a £8bn expansion and modernisation programme aiming to almost double production to 5 million tonnes by 2013.

At a stroke, the merger, which includes the raw materials assets of Swiss metals trader Glencore and will be known as United Company Rusal (UCR), achieves Rusal’s aim of becoming the world’s Number 1 producer, overtaking long-time North American leaders Alcoa and Alcan. Given the company’s history, this is remarkable in itself. Only six years old, Rusal emerged as a joint venture put together by oligarchs Roman Abramovich and Oleg Deripaska out of the wreckage of the ‘aluminium wars’, a violent struggle for control of the industry in the mid-1990s. Its chief assets were four giant Soviet-era smelters whose size was offset by being run down, over-manned and an environmental nightmare. The captive workforce wasn’t just disaffected – it was dangerously mutinous.

But it would be a mistake to dismiss the company’s rise from nowhere as a triumph of dodgy finance and quantity over quality. ‘Becoming number one is good, but it’s all about quality,’ says director of strategy and corporate development Pavel Ulianov. As bold as the company’s growth goals, is its ambition to become Russia’s best-managed company and an employer of choice. This means playing a canny game on at least two levels.

The first is strategic and geopolitical. The largest cost element (at 30 per cent) in aluminium production is energy – which is why, as competition for energy sources hots up, the industry’s centre of gravity is shifting to the Middle East, Iceland and Siberia, which is blessed with clean and renewable hydropower. Energy will account for a third of UCR’s investment spend. Also vital is a secure supply of raw materials – alumina for smelting and the bauxite from which that alumina is refined.

Increasingly, aluminium production requires global scale. As Deripaska noted, the estimated £15bn Rusal-Sual-Glencore deal creates ‘a truly global company’, with assets stretching from Guyana to Guinea by way of Australia and Europe, and substantially in energy as well as aluminium. In turn, that requires the company to raise its game in managing operations, and, particularly, people. ‘I used to believe we needed to breed “Rusal people”,’ says HR director Victoria Petrova, part of a young top team that relishes the idea of creating a world-class Russian enterprise. ‘Now I think diversity is more important.’

Alongside R&D and design capabilities, the group has set up a corporate university, professional ‘academies’ for functions such as HR and finance, and a medical institute. With 110,000 employees in 17 countries across five continents in the combined group, diversity now has a strong international element.

Just how far Rusal has come in international awareness is in evidence at the Sayaganorsk complex. On the walls of the spick-and-span plants are charts tracking production, quality and absence levels, while at the Khakas smelter, robots delicately stack aluminium ingots on pallets. Apparently at Deripaska’s behest, Rusal invited sensei (teachers) from Toyota to advise on production techniques. It now boasts a ‘Rusal Business System’ along the lines of the famous Toyota Production System which, according to Petrova, is removing swathes of bureaucracy as well as identifying novel ways of boosting smelter productivity. Although this has doubled since 2000 it still lags behind the best international standards.

In other areas, however, the company remains unabashedly Russian. It is proud that, having sacked the original international contractors, it is building Khakas using its own engineering and construction resources. The advanced processing technology used at the site is also self-developed. It had to be – foreign rivals refused to license theirs.

Less welcome – and its most obvious Achilles heel – is another Russian speciality of the 1990s; less-than-transparent corporate governance and the potential for political influence. A flotation in London in the next two years – a condition of the merger – and Russian presidential elections in 2008 are tests that will be watched by investors and competitors alike. But assuming those hurdles are passed, have no doubts: it won’t be how the cold-war warriors were expecting it, but the Russians are coming.

The Observer

Текст 23.

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SOVIET POWER RETURNS TO LIFE

By Dominic O’Connell

It is just above freezing and there is a touch of sleet in the air. For Vasiliy Tatarnikov, engineering boss at the Boguchanskaya hydroelectric dam in central Siberia, this is a mild autumn day. In winter, it can get to -58C. What does he and his 4,000 workers do then? “We work on the dam,” he says, looking puzzled.

Boguchanskaya is a monster in the middle of nowhere. One-and-a-half miles wide and 300ft high, it spans the Angara river, a slate-grey torrent that drains Lake Baikal north through Siberia. It’s 800 miles south to the Mongolian border, and 2,000 miles west to Moscow.

Work on the project started in 1974, when Leonid Brezhnev ran the Soviet Union. It ground to a halt in the early 1990s, when the Communist empire fell apart and the money ran out.

For the past two years, however, it has been full steam ahead. UC Rusal, a metals group that emerged from the chaotic days of post Soviet capitalism to become the world’s largest aluminium maker, is putting $5 billion (£2.7 billion) into completing the dam in partnership with Rus Hydro.

The prize is inexpensive power. You need a lot of electricity to make aluminium, and power from Boguchanskaya and a clutch of similar dams is about the cheapest you can find – 0.69p per kilowatt hour, compared with the 10.45p per kilowatt hour charged by the cheapest retail supplier in Britain.

Rusal’s Siberian power plants and smelters, once forgotten as relics of Soviet planning, have become the company’s ace in the hole.

World aluminium prices have fallen from $2,800 a tonne in April to $2,200 today and are expected to go lower as western economies dip into recession. This is welcome news to chief executive Alexander Bulygin. “If it went to $2,000 and stayed there for three months it would help other aluminium makers to decide more quickly to stop producing,” he said.

At the same time, however, Bulygin and Rusal’s controlling shareholder, Oleg Deripaska, are plotting to make the company less reliant on swings in the aluminium price.

Deripaska, now regarded as Russia’s richest man having, according to Forbes magazine, surpassed his friend Roman Abramovich this year, wants to merge Rusal with Norilsk, a Russian metals group that is the world’s largest nickel and palladium producer.

The plan has run anything but smoothly, with the takeover contest turning into a running battle between rival factions of oligarchs.

At the moment, after months of boardroom wrangles, it’s a score draw. Rusal owns 25% plus two shares of Norilsk, a blocking stake, but another group led by Vladimir Potanin has (probably) a greater stake, and is pressing ahead with plans to merge Norilsk with another group, Metalloin-vest, led by a third metals tycoon, Alisher Usmanov.

For all but committed Russophiles it’s a difficult saga to follow, but one with global implications. Rusal has plans to float next year on one of the world’s big exchanges. London, Euronext, New York and Hong Kong are all in the frame, said Bulygin, although most bankers in the sector think London the most likely.

Rusal would be a big-enough fish by itself, with a likely market value of £20 billion, enough to put it into the top 30 of the FTSE 100 elite group of Britain’s biggest companies. If Norilsk were added, the combined company would be a mining titan, Russia’s answer to the likes of BHP Billiton, Vale and Rio Tinto. Like them, it would control a large-enough slice of the basic materials vital to modern economies to be a serious player in the world economy.

That high-stakes global power game seems a world away on the grey streets of Krasnoyarsk, the Siberian town that is home to one of Rusal’s key smelters. A small frontier town until the second world war, it grew quickly thanks to the decision to move industry east to escape the Germans.

In the 1950s and 1960s, demobbed Soviet border guards were encouraged to come to Krasnoyarsk to help build dams and smelters. They were joined by idealistic members of the Komsomol, the Communist youth movement.

Krasnoyarsk was also a staging post for those who would rather not have been in Siberia – thousands of political prisoners and other “undesirables” sent to labour camps by Stalin. Such was the sensitivity to their efforts in Krasnoyarsk that it was off limits to foreigners until 1992, chiefly because of the military manufacturing that took place there.

After the break-up of the Soviet Union, many in the West thought the Krasnoyarsk smelter and others like it were destined for the scrapyard. There was uncertainty over who owned the assets, with brutal and at times bloody battles for control. Deripaska and Rusal came out on top and have since, according to locals, brought order and investment.

Now the town is bustling with growth. Money is pouring in thanks to the success of the local aluminium and other industries, and that sure sign of a fast-growing economy, the traffic jam, is everywhere.

The smelter occupies 2,000 hectares – about 2,500 football pitches – employs 5,000 people and cranks out almost 1m tonnes of aluminium a year.

It has 24 “pot lines” – rows of smelting units housed in tall, shabby buildings. Inside, the air is smelly and dusty, although the workers say it has improved greatly in recent years. Rusal has spent about $300m cleaning up the plant. It’s not a place to wear your new Rolex. The smelting units use so much electricity they create a magnetic field strong enough to stop most watches.

Krasnoyarsk is at the front line of Rusal’s expansion plans. It has already made one big leap forward, merging last year with Sual (its big Russian rival) and the alumina assets of Glencore, the Swiss trading group. The combined group, United Company (UC) Rusal, is the world No 1 in alumina (aluminium oxide, which is smelted to make the metal), with a 13% market share, and aluminium with an 11% market share. Bulygin wants to boost production from the annual 4.4m tonnes to 5.9m by 2015, hence the investment in projects like Boguchanskaya, which will power a new 600,000-tonne smelter nearby. Rusal is not only interested in hydroelectric power. Bulygin is studying plans to link with Ros Atom, the state nuclear agency, to complete a handful of nuclear power plants begun in Soviet days.

With aluminium prices tanking and financial markets in crisis, it seems an odd time to invest in new capacity. Bulygin is upbeat. The current low prices should drive higher-cost competitors, particularly in China, out of production, and aluminium should boom again. “We’re going to have an 18-month crisis. At the end of next year we’ll be back to $3,500 a tonne, and $4,000 a tonne for 2010.”

China is the big target. It is a net exporter of aluminium, but high power prices and environmental constraints mean this will change, said Bulygin. Rusal is the closest big producer, and ideally placed to sell exports. He does not expect a Chinese slowdown. “I’ve been there recently meeting senior officials and they realise they have to grow at 8%-10% a year or unemployment will kill the economy,” he said.

As some producers are forced out of the market, no new contenders are replacing them. “There aren’t that many places where you can get the power at the right price, and you can’t easily buy the technology any more.” Where the energy can be found, Rusal is normally not far away – last week it signed a memorandum of understanding with Libya to build a new electricity and metals complex.

If the outlook for aluminium is so good, why is Rusal devoting so much energy to pursuing Norilsk? “Every metal has its own cycle. If you have different metals in the group, you have a natural hedge against the cycle, because when one is up the other is down. It makes us more attractive to investors,” said Bulygin.

Like a dog worrying a bone, Rusal is unlikely to leave Norilsk alone. Bulygin says that before the end of the year it will call for another shareholders’ meeting, at which it will try to remove Norilsk’s chairman and chief executive.

The Sunday Times

Текст 24.

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HYDROELECTRIC DAMS: A LOOMING THREAT TO RUSSIA’S MIGHTY RIVERS

The wilds of Siberia and the Far East – where tigers roam dense forests and indigenous communities tend reindeer herds in lush valleys – are faced with a dire threat: massive hydroelectric dams.

The Russian economy has developed rapidly since the early 1990s, and today the demand for energy exceeds the country’s electricity production and supply capabilities. The government projects that expanding electricity production capacity to attract and support industrial and resource extraction projects in Siberia and the Far East will bring much-needed social and economic development to the territory east of the Urals. The rising cost and demand for petroleum-based fuel sources and the added pressure of global climate change are also pushing Russia to develop non-carbon energy alternatives so it can export and capitalize on the maximum volume of its fossil fuel stores. Russia’s primary hydroelectric company, RusHydro proposes to dam the country’s mighty rivers as a fix-all solution to energy and development needs.

RusHydro touts its behemoth dams as sources of clean energy and engines of regional development. However, history and experience show that large dams are exceedingly destructive to entire river basins and surrounding communities. The proven negative environmental and social impacts of large dams greatly outweigh any possible benefits to the affected regions.

The dams planned for the Krasnoyarsk, Irkutsk, Sakha, and Amur regions, should they be built, have the potential to produce thousands of megawatts of cheap electricity, but the local populations are unlikely to benefit, as the projected output is already almost entirely earmarked for export or energy-intensive industrial use (such as notoriously dirty aluminum plants). Thus, the domestic consumer is left without even a modest economic gain to show for the great social and environmental injustice she stands to suffer due to flooding and diminished resources.

The planned Evenkiiskaya dam project in the Arctic region of Russia’s Krasnoyarsk Territory (with a projected production capacity of a whopping 8-12 GW and a 9000 km² reservoir, it would be among the largest dams in the world), is fraught with devastating social concerns and alarming environmental repercussions. These include displacement of thousands of indigenous Evenks and possible contamination of the Yenisei watershed with nuclear wastes from an underground chamber. Meanwhile, the district has no industry to use this massive quantity of energy, and neither is there a large consumer base here in need of additional electricity. The project documentation indicates that this electricity is scheduled for export to China and Mongolia. Similarly, the Amur Region governor hopes to sell virtually all of the electricity from the planned Nizhnezeiskaya Dam to China.

It is easy to see that large hydro will solve neither the region’s energy needs nor its economic problems. The local communities RusHydro claims to benefit face displacement and a degraded natural environment, while massive quantities of cheap electricity will charge along aged, inefficient power grids to feed energy needs in other regions and countries. The World Bank’s December 2008 report Energy Efficiency in Russia: Untapped Reserves determined that 45% of the energy produced and distributed in Russia is lost to inefficient equipment and practices. According to the report, investment into measures to reduce energy consumption in residential, industrial, and transportation sectors and increase the efficiency of its energy delivery systems could save Russia an estimated $80 billion annually while dramatically reducing its global climate impact.

http://www.pacificenvironment.org/section.php?id=146

Текст 25.

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«ЕСЛИ У КОМПАНИИ МАЛО ДОЛГОВ, ЗНАЧИТ, У РУКОВОДИТЕЛЯ ПЛОХО ФАНТАЗИЯ РАБОТАЕТ» – ИНТЕРВЬЮ ПРЕДСЕДАТЕЛЯ ПРАВЛЕНИЯ ОАО «РУСГИДРО» В ГАЗЕТЕ «КОММЕРСАНТЪ»