According to recent reports in the Kommersant newspaper and Infogeo website, Russia’s sole tin smelter, Novosibirsk Tin Works (NOK) is trying to find a buyer for the operation while the majority of its creditors have voted for a liquidation of its assets. NOK has been under bankruptcy proceedings since 2011, but has continued to operate at a very low volume. The interim manager of the company, Victor Kugushev, told a regional court of arbitration that total creditors’ claims were 1.334 billion rubles (US$41 million) while the value of saleable fixed assets such as buildings and land amounted to only RUB 620 million (US$ 19 million).
NOK produced some 900 tonnes of tin in 2012, up from 726 tonnes in 2011, but is hampered by lack of raw materials as almost all Russian tin mine production has ceased since 2008 and the global custom concentrate market is very competitive. Break-even refined tin production volume is said to be 3,000 tpy. Its financial problems also relate to debts incurred in making unsuccessful non-core investments in the early 2000s. The court ruled that the company should be put into receivership for six months.
