7th Nov 2013 09:12
LONDON (Alliance News) - Eurasian Natural Resources Corporation PLC Thursday said its third-quarter sales fell marginally on the weaker metals market environment, but production rates were significantly up on the comparable period in 2012.
The international natural-resources company set to delisted later this month said it expects its third quarter revenues to be marginally down, and its operating costs to be broadly flat, for the three months ended September 30, against the comparable 2012 period.
ENRC's takeover by Eurasian Resources Group B.V., an investment vehicle of ENRC's founders and the Kazakhstan government, became unconditional on October 25, and the company expects its delisting in November 25.
ENRC said its total saleable copper production increased 105% to 20,440 tonnes on the commissioning of new operations at the company's 90%-owned Chambishi Metals PLC.
The company said its chrome ore extraction was up 1.8% to 1.2 million for the three months compared to the previous year, but the average chrome ore price fell 12% against the previous year.
ENRC also said its saleable ferroalloys production was up 3.9% to 396,000 tonnes and its saleable iron ore production was up 4% to 4.1 million tonnes, the company's highest ever quarterly production rate for iron ore.
The company said its alumina and aluminium division operated below capacity but its total output was higher for the nine months of 2013 as the division overcame the production difficulties experienced in 2012.
ENRC said its energy division was operating at full capacity and production of coal was higher in the nine months of 2013 due to the ramp-up of operations at its 25% owned Shubarkol Komir operations in Kazakhstan.
ENRC shares were up 1.7% to 228.75 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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