Bankruptcy Petition by Novosibirsk -Shanghai Metals Market

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Bankruptcy Petition by Novosibirsk

Industry News 11:06:50AM Jun 10, 2010 Source:SMM

NOVOSIBIRSK, Jun. 10 -- Novosibirsk Integrated Tin Works (NOK), Russia's sole producer of the metal, is seeking to be declared bankrupt, according to a regional arbitration court's website on Monday. Quoting the website, Reuters reported that NOK's total debt was 1.18 billion roubles ($38 million) in the first quarter of this year, of which 356 million roubles were overdue. The plant's officials were not available for comment.

The company's refined tin production has steadily declined to very low levels in recent years, as most tin mines in Russia have gone out of business. According to the World Bureau of Metal Statistics, Russia's refined tin production in 2009 was only 1,022 tonnes, while mine production of tin-in-concentrates was just 611 tonnes. Local ore supply is believed to have been supplemented by material sourced from DR Congo.
 

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Bankruptcy Petition by Novosibirsk

Industry News 11:06:50AM Jun 10, 2010 Source:SMM

NOVOSIBIRSK, Jun. 10 -- Novosibirsk Integrated Tin Works (NOK), Russia's sole producer of the metal, is seeking to be declared bankrupt, according to a regional arbitration court's website on Monday. Quoting the website, Reuters reported that NOK's total debt was 1.18 billion roubles ($38 million) in the first quarter of this year, of which 356 million roubles were overdue. The plant's officials were not available for comment.

The company's refined tin production has steadily declined to very low levels in recent years, as most tin mines in Russia have gone out of business. According to the World Bureau of Metal Statistics, Russia's refined tin production in 2009 was only 1,022 tonnes, while mine production of tin-in-concentrates was just 611 tonnes. Local ore supply is believed to have been supplemented by material sourced from DR Congo.