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This conference is an opportunity to meet old acquaintances, share opinions, hear their news, and present our own ideas.
The industry hasn't seen any significant events over the last two years or so, but I think that this year will be a year of deals, mergers and acquisitions. Companies will consolidate their market positions.
Prices are falling while production costs are growing, which mean that margins are becoming smaller. Because of this, there are fewer opportunities to re-invest profits. Almost all of the projects in our portfolio are, to various extents, involved in our investment processes -- this goes for our assets in Irkutsk as well as Yakutsk.
A rise in profits, a reduction of expenditure, operating with the margins that the current economic situation permits us, and to find a way to use our profits and margins effectively.