Interim Management Statement

9 May 2013

Eurasian Natural Resources Corporation PLC

May 2013 Interim Management Statement and

Production Report for the First Quarter ended 31 March 2013

London - Eurasian Natural Resources Corporation PLC ('ENRC' or, together with its subsidiaries, the 'Group') today announces its May 2013 Interim Management Statement and its Production Report for the First Quarter ended 31 March 2013.

Highlights for the Three Months ended 31 March 2013

o Production at full available capacity across all of the Group's Divisions, with the exception of Iron Ore, which was impacted by severe winter weather conditions and Shubarkol, where production decreased in line with seasonal demand. Copper production increased by 61.7% compared to Q1 2012;

o Revenue decreased slightly against Q1 2012, due to weaker commodity prices;

o Cost inflation in line with guidance;

o Gross available funds of US$0.8 billion and net debt of US$5.5 billion. Revolving credit facility increased to US$500 million and maturity extended to 2015.

Recent Developments and Outlook for the Full Year 2013 

o Frontier fully commissioned in April and in process of ramping up to steady production. Full milling capacity is expected July 2013;

o Production expected to remain at or close to full available capacity for the full year 2013;

o Forecast annualised unit cost of sales growth in line with previous guidance;

o Planned capital expenditure for the year is expected to be approximately US$1.3 billion, including US$0.5 billion for sustaining expenditures;

o Regarding the announcement by Alexander Machkevitch on 19 April 2013 that he is in the preliminary stages of forming a consortium to assess a potential offer for the Company, the Board of ENRC reiterates the fact that it has not received any proposal which could result in an offer or possible offer for the Group.

"I am pleased with the Group's recent operational performance, which is a reminder of the underlying strength of the business. The Ferroalloys Division produced at full available capacity, volumes were included for the full quarter from Shubarkol and alumina production has recovered well. Our focused capital expenditure plan is starting to reap rewards, with concentrate having been produced from Frontier during the first quarter and the Frontier processing plant fully commissioned in April. Unfortunately Kazakhstan experienced severe winter weather conditions which impacted our ability to mine iron ore during January. However, by selling down inventories we managed on the whole to maintain sales to our customers over this period. As a management team our focus continues to be on the development of our key growth projects, management of cost inflation and maximising production volumes from our world class asset base."

Felix J Vulis, Chief Executive Officer

For further information, please contact:

Results timetable

All future dates are provisional and subject to change.

Forward-looking Statements

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. Nothing in this announcement should be construed as a profit forecast. The forward looking statements contained in this document speak only as at the date of this document.

A copy of this announcement will be available on ENRC's website at www.enrc.com.

May 2013 Interim Management Statement ('IMS')

The information in the IMS, unless stated otherwise, relates to the three months ended 31 March 2013, and is compared to the corresponding three month period of 2012. Save as set out in this statement, there have been no material events, transactions or changes to the financial position of the Group since 31 March 2013. The Group's performance trends from 31 March 2013 to date remain broadly consistent with those described herein.

Revenue

Group revenue in the first three months of 2013 was slightly below the corresponding period in 2012, mainly due to weaker commodity prices, which were partially offset by higher sales volumes. Growth in sales volumes were as a result of the recovery in alumina production, additional sales of coal following the acquisition of Shubarkol and copper from Frontier. Sales prices were lower for all of the Group's main commodities except for iron ore concentrate and coal, with the largest impact on revenue resulting from lower ferroalloys prices.

The Ferroalloys Division operated close to full available capacity during Q1. However, the Division's revenue declined markedly compared to Q1 2012, due to weaker prices. Sales volumes had a positive impact on revenue, particularly increased volumes of ferrosilicochrome and high-carbon ferrochrome, as well as chrome ore. Average ferroalloys prices in Q1 2013 decreased by 10% on Q1 2012, however there was a 3% improvement on Q4 2012.

Production at the Iron Ore Division was below full available capacity. This was due to the severe winter weather conditions which restricted mining. However available stocks helped to maintain sales volumes only slightly below Q1 2012. A greater proportion of iron ore pellets were sold in the first quarter of 2013, which positively impacted revenue. This was offset by lower realised pellet prices and lower volumes of concentrate. Average realised prices for iron ore were in line with Q1 2012 and 26% higher than in Q4 2012.

Production at the Alumina and Aluminium Division was at full available capacity, with alumina volumes having recovered after the technological issues experienced in Q1 2012. As a result, the Division benefited from stronger sales in Q1 2013. Although sales prices were only slightly below Q1 2012 the Division's revenue increased against the comparable period.

Total cobalt production within the Other Non-ferrous Division was in line with Q1 2012. Copper volumes were significantly above those in the comparable period as a result of the commissioning of Frontier and new production from Chambishi, offsetting lower production and subsequent sales of copper from Boss Mining. Divisional revenue was broadly in line with the corresponding period of 2012 as lower realised prices, especially for cobalt, negatively affected revenue. The average realised price for cobalt in the first three months of 2013 declined 12% compared to Q1 2012. Copper prices declined 5% against Q1 2012 but were in line with Q4 2012.

The Energy Division operated at full available capacity with volumes from Shubarkol included for the full quarter of 2013. Although these additional coal sales had a positive impact on Divisional revenue, they were offset by the lower tariff cap set for EEC electricity in 2013, as well as a decline in third-party sales of electricity following higher internal consumption. As a result, the Energy Division revenue was slightly below the comparable period of 2012.

Costs

There was a slight increase in operating costs in the first quarter of 2013. The main drivers were higher volumes in the Alumina and Aluminium, Other Non-ferrous and Energy Divisions, as well as an increase in unit costs for iron ore and coal. Depreciation and amortisation ('D&A') costs increased by approximately 7%, due mainly to the inclusion of Shubarkol and Frontier. We expect full year D&A costs to be approximately US$700 million. Mineral Extraction Tax ('MET') was slightly above the corresponding period in 2012. There was a slight increase in distribution costs mainly reflecting the inclusion of volumes from Shubarkol. General and administrative expenses decreased significantly with the reduction in sponsorships and donations. For the full year we expect these to be approximately US$55 million.

We expect cost inflation to continue in 2013, in line with the guidance given at the Group's 2012 Preliminary Results. To offset the inflationary pressures in countries of operations, ENRC continues with its cost control initiatives and cost cutting programmes. For 2013 unit cost of sales for ferroalloys and alumina are expected to decrease by around 5%. Average unit cost of sales for copper is forecast to be significantly lower than in 2012. Coal and iron ore unit costs are expected to rise by 10-15% due to increases in stripping and mine development costs.

Balance sheet

Gross available funds as at 31 March 2013 were US$0.8 billion and net debt was US$5.5 billion. In February 2013 the Group refinanced its existing revolving credit facility, increasing the facility from US$467 million to US$500 million and extending the maturity to 2015. The facility has been arranged on a club basis with Bank of Tokyo acting as the coordinating bank.

Capital expenditure and projects update

During the first three months the cash outflow relating to the Group's capital expenditure programme was significantly below budget. This was due to the postponement of expenditures within the Other Non-ferrous Division, as well as due to a reduction in spend for sustaining projects within the Alumina and Aluminium Division.

In Q1 2013, principal areas of capital expenditure were:

·; Ferroalloys Division: the new Aktobe ferroalloys plant;

·; Iron Ore Division: mine expansion and development;

·; Alumina and Aluminium Division: completion of the anode plant and sustaining programme;

·; Other Non-ferrous Division: development of the Frontier and RTR projects;

·; Energy Division: reconstruction of power unit 6 and sustaining programme; and

·; Logistics Division: completion of the railway fleet expansion.

In 2013, the Group will continue to focus on the development and delivery of two key growth projects, namely the construction of New Aktobe Ferroalloys Plant in Kazakhstan and the development of the Frontier mine in the DRC. In 2013 the Group expects capital expenditure to total US$1.3 billion, of which US$0.5 billion is forecast for sustaining expenditures.

Logistics Division

Due to the difficulty in accurately modelling the Logistics Division based on the data previously provided in the Group's production reports, this section of the report has been removed. The Group expects the Logistics Division to generate revenue of US$240 million and EBITDA of US$85 million in 2013.

Production Report for the First Quarter ended 31 March 2013

The information in this Production Report, unless stated otherwise, relates to the three months ended 31 March 2013, and is compared to the corresponding three months ended 31 March 2012. Production volumes for Q4 2012 are provided for additional information.

The Ferroalloys Division operated at full available capacity for chrome ore and ferroalloys, but below capacity for manganese ore for the quarter. The Iron Ore Division operated below capacity due to the impact of severe weather conditions on open pit mining operations. Both the Alumina and Aluminium and Energy Divisions operated at full capacity. In the Other Non-ferrous Division, saleable copper contained production increased against the corresponding period with the full commissioning of Frontier and the DMS 2 at Comide.

·; Ferroalloys Division.Overall gross ferrochrome production decreased by 3.4% compared to Q1 2012, with a 2.1% decrease in high-carbon ferrochrome. This decrease was mainly caused by planned maintenance at Aksu. Saleable high-carbon ferrochrome production showed a slight decrease of 1.1%. Total saleable ferroalloys production for the quarter decreased 2.9% on Q1 2012.

·; Iron Ore Division.Iron ore extraction and primary concentrate production decreased by 9.2% and 12.1% respectively, against the comparable period in 2012. Saleable concentrate production decreased 24.2% and saleable pellet production increased 0.7% against Q1 2012, with total saleable product decreasing 12.2% against Q1 2012.

·; Alumina and Aluminium Division. Bauxite extraction and alumina production increased 1.0% and 24.8% respectively, against Q1 2012. Aluminium production decreased 1.6% on Q1 2012.

·; Other Non-ferrous Division. Production of saleable copper in Q1 2013 was 14,536 t, a 61.7% increase due to the inclusion of Frontier and a 7.0% increase on a like-for-like basis versus Q1 2012. Saleable cobalt production fell 9.1% to 2,487 t versus Q1 2012.

·; Energy Division. Coal extraction by EEC decreased by 0.7% compared to Q1 2012. Electricity generation decreased 1.3% compared to Q1 2012. Shubarkol coal extraction decreased 34.1% and special coke production by 7.5% against Q4 2012 following the seasonal trend.

References to 't' in the Production Report are to metric tonnes unless otherwise stated and all references to 'kt' are to thousand metric tonnes unless otherwise stated.

Definition of Run of Mine ('RoM') extraction: uncrushed ore in its natural state, as when it is blasted.

FERROALLOYS DIVISION

Ore Mining and Processing

Chrome ore extraction in Q1 2013 amounted to 1,143 kt, an increase of 5.7% on Q1 2012, but a decrease of 3.5% on Q4 2012 extraction volumes. The Division produced 951 kt of saleable chrome ore, an increase of 26.0% on Q1 2012, but a decrease of 4.4% against Q4 2012.

Internal consumption of saleable chrome ore in Q1 2013 decreased 2.0% versus the comparable period of 2012 and 9.1% against Q4 2012 primarily reflecting changes in ferrochrome production volumes due to planned capital repairs.

Manganese ore extraction decreased 2.4% versus Q1 2012 but increased 0.5% versus Q4 2012. Saleable manganese concentrate production decreased by 9.1% compared to Q1 2012 and 17.9% against Q4 2012 reflecting lower market demand and reduced mining due to bad weather conditions.

Production at Zhairem GOK, which mainly sells manganese concentrates for export, decreased 7.5% to 124 kt (35.6% Mn) against Q1 2012 (134 kt; 35.6% Mn) and 3.1% compared to Q4 2012 (128 kt; 35.2% Mn), reflecting lower market demand in Q1 2013. Production at Kazmarganets (42.1% Mn), which supplies manganese concentrate to the Aksu ferroalloys plant for use in silico-manganese production, amounted to 36 kt, a decrease of 14.3% from Q1 2012 (42 kt; 42.0% Mn) and a decrease of 46.3% on Q4 2012 (67 kt; 39.3% Mn). The proportion of total manganese concentrate production consumed internally was higher in Q1 2013: 58.8% than in Q1 2012: 56.9% and Q4 2012: 48.7%.

Ferroalloys Production

In Q1 2013, the Ferroalloys Division produced 364 kt of saleable ferroalloys, a decrease of 2.9% on Q1 2012 and 7.1% on Q4 2012. This decrease was due to lower market demand for low-carbon ferrochrome and ferrosilicochrome, while a 22kt loss of high-carbon ferrochrome was attributed to planned capital repairs to furnace 61 at the Group's Aksu smelter, which is now complete.

Serov contributed 57 kt of saleable ferroalloy production in Q1 2013 (Q1 2012: 57 kt; Q4 2012: 56 kt).

IRON ORE DIVISION

In Q1 2013, the Iron Ore Division extracted 9,262 kt of iron ore, a decrease of 9.2% on Q1 2012 (10,204 kt) and 15.7% on Q4 2012 (10,986 kt). The Division produced 3,672 kt of primary concentrate, a decrease of 12.1% on Q1 2012 and 18.6% on Q4 2012. Unusually severe weather conditions during the period led to the decrease in both mining and processing.

Saleable concentrate production (with an iron content of 65.8%) was 1,532 kt, a decrease of 24.2% compared to Q1 2012 (2,021 kt) and 38.1%, compared to Q4 2012 (2,473 kt). Pellet production (with an iron content of 63.5%) was 1,904 kt, an increase of 0.7% on Q1 2012 (1,891 kt) and 3.6% on Q4 2012 (1,837 kt). Total saleable product volumes were 12.2% less than in Q1 2012 and 20.3% less than in Q4 2012 due to the restricted availability of ROM material.

ALUMINA AND ALUMINIUM DIVISION

In Q1 2013, bauxite extraction was 1.0% higher than in Q1 2012 and 8.4% higher than in Q4 2012 as a result of increased alumina production. Alumina production increased 24.8% versus Q1 2012 and 9.9% versus Q4 2012 reflecting a return to full capacity of the alumina refinery after technological problems experienced in 2012.

Internal consumption of alumina amounted to 119 kt (a decrease of 0.8% on Q1 2012 and 1.7% on Q4 2012) representing 28.9% of total alumina production and consistent with the aluminium smelter running at its full 250 ktpa capacity.

Primary aluminium production in Q1 2013 was 61 kt, a slight decrease of 1.6% on Q1 2012 and Q4 2012.

Electricity generation in Q1 2013 decreased 3.6% on Q1 2012 and increased 2.3% on Q4 2012. Supply of electricity to other Group Divisions decreased 99.6% against Q1 2012 and 99.5% against Q4 2012. Electricity supply to third-parties increased by 237 GWh, or 430.9%, against Q1 2012 and 508.3% against Q4 2012. This change is due to the approved tariff for electricity sales in 2013 from the alumina refinery power plant being higher than that for the Energy Division's Aksu power plant.

OTHER NON-FERROUS DIVISION

Copper and Cobalt Production

Note: 1. Production numbers for saleable copper and cobalt refer to tonnes of contained metal. Contained metal consists of total units, whether in metal form or metal units contained in concentrate and sludge, net of internal consumption, but excludes copper contained in cobalt concentrate.

Copper ore extraction at Boss Mining and Comide for the quarter was 71.1% higher than in Q1 2012 and 88.7% higher than in Q4 2012, due to increased capacity created at the copper SX/EW Plant at Luita (Boss Mining) and the commissioning of the DMS 2 plant at Comide.

In Q1 2013, the ore grade was 43.7% lower than Q1 2012 and 14.2% lower than Q4 2012, due to lower grades mined at Comide and Boss Mining as mining at Kabolela North ended.

Total copper ore extraction increased with additional ore from the Frontier mine.

Total saleable copper production for Q1 2013 was 14,536 t (Q1 2012: 8,988 t), an increase of 61.7% over Q1 2012 and 87.4% higher than Q4 2012. Growth in copper production was because of increased SX capacity at Luita and Chambishi, as well as the addition of production from Frontier.

Cobalt contained production in Q1 2013 was 9.1% below Q1 2012 levels, due to lower ore extraction at Boss Mining. Increased Cobalt grade, as well as increased recoveries by producing CNS material partially offset this decline. Cobalt contained production was 21.8% above Q4 2012.

ENERGY DIVISION

Note: 1. Electricity consumption and supply numbers may not round precisely due to the purchase of small volumes of electricity from third-parties.

In Q1 2013, EEC extracted 5,826 kt of coal from the Vostochny mine, a decrease of 0.7% on Q1 2012 and an increase of 1.7% on Q4 2012.

Shubarkol coal production in the period was 1,660 kt, a decrease of 34.1% from Q4 2012 due to a seasonal decrease in demand. Q4 is traditionally the highest demand period for Shubarkol coal, predominantly driven by the retail market. Special coke production in Q1 2013 was 49 kt, a decrease of 7.5% against the previous quarter due to minor repair works at certain furnaces.

Electricity generation in the period was 3,895 GWh, a slight decrease of 1.3% on Q1 2012 and a slight increase of 0.7% on Q4 2012.

Electricity supplied by the Energy Division to other Group Divisions was 2,670 GWh, an increase of 6.9% on Q1 2012.

Third party electricity sales of 950 GWh decreased 18.5% compared to Q1 2012 but increased 11.0% against Q4 2012, reflecting the change in balance of electricity supply to other Group Divisions and supply to third parties between Energy and Alumina and Aluminium Divisions.

-ENDS-