Determinants of capital expenditures: Evidence from oil and mining sectors in Russia

This master’s thesis investigates the significant macroeconomic and firm level determinants of CAPEX in Russian oil and mining sectors. It also studies the Russian oil and mining sectors, its development, characteristics and current situation. The panel data methodology was implemented to identify the determinants of CAPEX in Russian oil and mining sectors and to test derived hypotheses. The core sample consists of annual financial data of 45 publicly listed Russian oil and mining sector companies. The timeframe of the thesis research is a six year period from 2007 to 2013. The findings of the master’s thesis have shown that Gross Sales, Return On Assets, Free Cash Flow and Long Term Debt are firm level performance variables along with Russian GDP, Export, Urals and the Reserve Fund are macroeconomic variables that determine the magnitude of new capital expenditures reported by publicly listed Russian oil and mining sector companies. These results are not controversial to the previous research paper, indeed they confirm them. Furthermore, the findings from the emerging countries, such as Malaysia, India and Portugal, are analogous to Russia. The empirical research is edifying and novel. Findings from this master’s thesis are highly valuable for the scientific community, especially, for researchers who investigate the determinant of CAPEX in developing countries. Moreover, the results can be utilized as a cogent argument, when companies and investors are doing strategic decisions, considering the Russian oil and mining sectors.

Pasvik Water Quality until 2013 ; Environmental Monitoring Programme in the Norwegian, Finnish and Russian Border Area

The Pasvik monitoring programme was created in 2006 as a result of the trilateral cooperation and with the intention of following changes in the environment under variable pollution levels. Water quality is one of the basic elements of the programme when assessing the effects of the emissions from the Pechenganikel mining end metallurgical industry (Kola GMK). In this report temporal trends of the water chemistry during 2000–2013 are examined on the basis of the data gathered from lake Inari, River Pasvik and directly connected lakes, Lake Kuetsjarvi and 25 small lakes in three areas: Pechenganikel (Russia), Jarfjord (Norway) and Vätsäri (Finland). The lower parts of the Pasvik watercourse are impacted by both atmospheric pollution and direct wastewater discharge from the Pechenganikel smelter and the settlement of Nikel. The upper section of the watercourse and the small lakes and streams which are not directly linked to the Pasvik Watercourse only receive atmospheric pollution. Lake Inari is free of direct emissions from the Pechenganikel and the water quality is excellent. In River Pasvik and the directly connected lakes copper, nickel, and sulphates are the main pollutants. The most polluted water body is the Kolosjoki River as well as the stream connecting the Lakes Salmijarvi and Kuetsjarvi. The concentration of metals and sulphates in the water notably increases downstream the river lower Lake Kuetsjarvi. In Lake Kuetsjarvi copper and nickel concentrations are clearly elevated and have changed insignificantly in the last years of the research period. In the small border area lakes recovery from acidification in Vätsäri and Jarfjord is evident. Nickel and copper oncentrations have fluctuated but remained on clearly elevated level in Jarfjord and Pechenga. Copper concentrations have been slightly rising in the recent years. In Pechenga area nickel concentrations during the last four monitoring years are decreasing in some places but the regional trend through whole time series is still positive.

Corporate Social Responsibility in Global Mining Industry

Corporate Social Responsibility is company’s interest and actions towards its environment and the society that the company takes from its free will, to give back to the community and environment. Corporate Social Responsibility is current topic as companies are challenged to take responsibility for their action, due to the constant tightening environmental legislations and raising pressure for transparency from the public. The objective of this Master’s Thesis research is to study if Corporate Social Responsibility affects suppliers’ brand image and mining companies’ buying decisions within global mining industry. The research method is qualitative and the research is conducted with secondary and primary research methods. The research aims to find out what are the implications of the research for the case company Larox. The objective is to answer to the question; how should case company Larox start to develop Corporate Social Responsibility (CSR) program of its own, and how the case company could benefit from CSR as a competitive advantage and what actions could be taken in the company marketing. Conclusions are drawn based on both the secondary and primary research results. Both of the researches imply that CSR is well present in the global mining industry, and that suppliers’ CSR policy has positive effect on company image, which positively affects company’s brand, and furthermore brand has a positive effect on mining companies buying decision. It can be concluded that indirectly CSR has an effect on buying decisions, and case company should consider developing a CSR program of its own.

Metalli-ionin ja hapon erotus toisistaan kalvosuodatuksella

Työn tarkoituksena oli kuparin ja hapon erottaminen toisistaan malliaineliuoksesta membraanitekniikalla. Kaivannaisteollisuudessa happoja käytetään metalleiden liuottamiseen. Lisäksi happamia jätevesiä syntyy sulfidikaivoksissa, sadeveden liuottaessa metalleja. Raskasmetallit ovat erittäin myrkyllistä vesieliöille. Työn tavoitteena oli saada happo ja metalli hyödynnettävään muotoon. Työn kokeellisessa osassa vertailtiin kahta polymeeristä ja keraamista membraania hapon ja metallin erotuksessa. Mittauksissa käytetyt membraanit olivat: AMS Technologies A-3012 ja A-3014 sekä Inopor ® Type SKR. Syöttöliuos sisälsi kuparisulfaattia ja rikkihappoa. Suodatukset tehtiin 30 ºC lämpötilassa useissa paineissa ja pH-arvoissa. Polymeeristen membraanien suodatusnäytteistä saadut retentiot kuparille olivat vastaavia aikaisempien tutkimusten tuloksien kanssa. A-3012 kalvon kuparin retentio oli 95 % ja A-3014 kalvolle kuparin retentio oli 90 %. Lisäksi mittausten korkeimmissa pH-arvoissa (2,9-2,3) happo konsentroitui permeaattiin. Polymeerisillä membraaneilla ei ollut merkkejä kalvon likaantumisesta tai hajoamisesta. Keraamisella membraanilla mitatut tulokset eivät olleet vastaavia aikaisempien tutkimusten tuloksien kanssa. Kuparin retentio olivat 2 ja 20 prosentin välillä, eikä liuoksen pH eronnut syötön ja permeaatin välillä. Tulosten perusteella molemmat tutkitut polymeeriset membraanit soveltuvat kuparin erottamiseen happamasta liuoksesta. Mittauksissa käytetty keraaminen membraani ei sovellu tähän tehtävään.