10th Jun 2009 07:00
10 June 2009
Eurasian Natural Resources Corporation PLC
Chairman's Annual General Meeting Statement
London - Eurasian Natural Resources Corporation PLC ('ENRC' or, together with its subsidiaries, the 'Group'), the holding company of a leading diversified natural resources group principally based in Kazakhstan, today announces that its Chairman, Sir David Cooksey, will make the following comments to shareholders at the Annual General Meeting later today:
"As disclosed in our Interim Management Statement, issued on 13 May 2009, the first quarter of 2009 was challenging with significant pricing pressures across all Divisions, although sales and production volumes during the period were better than management's prior expectations.
The Group achieved good control of unit costs across all of its businesses, helped in part by the devaluation of the Kazakhstani tenge in February. The Group maintained a strong balance sheet and working capital remained well-controlled.
Notwithstanding the better than expected performance noted above, management believes that it is premature to suggest that current levels of improved demand from and shipments to China yet signal the onset of a global economic recovery.
We anticipate that pressure on prices for most of our commodities will remain into the second half of 2009, particularly as a supply surplus remains in most markets. A weakening US dollar may push high-carbon ferrochrome prices up as South African production costs increase; however, we believe a sustained price improvement will require a more general global economic recovery. Continued focus on the control of operating costs, combined with the recent devaluation, will help us maintain our competitive cost position."
- ENDS -
For further information, please contact:
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ENRC: Investor Relations
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Mounissa Chodieva
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+44 (0) 20 7389 1879
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James S Johnson
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+44 (0) 20 7389 1862
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Marianna Adams
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+44 (0) 20 7389 1886
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ENRC: Press Relations
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Julia Kalcheva
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+44 (0) 20 7389 1861
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M: Communications
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Hugh Morrison
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+44 (0) 20 7153 1534
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Edward Orlebar
Elly Williamson
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+44 (0) 20 7153 1523
+44 (0) 20 7153 1539
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Forward-looking statement
This announcement includes statements that are, or may be deemed to be, 'forward-looking statements'. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms 'believes', 'estimates', 'plans', 'projects', 'anticipates', 'expects', 'intends', 'may', 'will', or 'should' or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include matters that are not historical facts or are statements regarding the Group's intentions, beliefs or current expectations concerning, among other things, the Group's results of operations, financial condition, liquidity, prospects, growth, strategies, and the industries in which the Group operates. Forward-looking statements are based on current plans, estimates and projections, and therefore too much reliance should not be placed upon them. Such statements are subject to risks and uncertainties, most of which are difficult to predict and generally beyond the Group's control. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. The Group cautions you that forward-looking statements are not guarantees of future performance and that if risks and uncertainties materialise, or if the assumptions underlying any of these statements prove incorrect, the Group's actual results of operations, financial condition and liquidity and the development of the industry in which the Group operates may materially differ from those made in, or suggested by, the forward-looking statements contained in this announcement. In addition, even if the Group's results of operations, financial condition and liquidity and the development of the industry in which the Group operates are consistent with the forward-looking statements contained in this announcement, those results or developments may not be indicative of results or developments in future periods. A number of factors could cause results and developments to differ materially from those expressed or implied by the forward-looking statements including, without limitation, general economic and business conditions, industry trends, competition, commodity prices, changes in regulation, currency fluctuations, changes in business strategy, political and economic uncertainty. Subject to the requirements of the Prospectus Rules, the Disclosure and Transparency Rules and the Listing Rules or any applicable law or regulation, the Group expressly disclaims any obligation or undertaking publicly to review or confirm analysts expectations or estimates or to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any changes in the Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Related Shares:
ENRC.L