Envy Global removes managing director charged in nickel fraud
Singapore commodity trader has removed Ng Yu Zhi from his role as managing director following investigations by authorities into the firm's nickel trading.
Singapore commodity trader has removed Ng Yu Zhi from his role as managing director following investigations by authorities into the firm's nickel trading.
The board of directors at Nornickel, in which Rusal holds a 27.8% stake, will discuss its 2030 investment strategy and dividend guidelines on March 29.
Project had been shut since March last year due to the covid-19 pandemic.
Nornickel said last week that the spin-off of the Bystrinsky mine near the Russia-China border would happen within two years subject to regulatory and other approvals.
The Oktyabrsky and Taymirskiy mines account for 36% of ore mined by the company in Russia.
Nornickel owns a 50%-stake in the Bystrinsky mine.
Group also proposed minimizing Nornickel's final dividend payment for 2020.
Company has shut down a metallurgical processing facility in Russia’s border region which had been the area’s main source of sulphur dioxide emissions.
Ng Yu Zhi, a director of Envy Global Trading Pte Ltd and Envy Asset Management Pte Ltd, was charged with two counts of cheating and two of fraudulent trading.
Indonesia will now grant miners export permit for unrefined mineral ores, even if construction of their refining facilities is delayed.