31st Jul 2009 13:00
31 July 2009
Eurasian Natural Resources Corporation PLC
Withdrawal from the China Gateway Project
London - Eurasian Natural Resources Corporation PLC ('ENRC', or 'the Group') has agreed with the Government of the Republic of Kazakhstan ('the Government') to terminate the Group's concession to construct and operate the 'China Gateway Project', a rail link and transhipment point between the Republic of Kazakhstan and the Peoples' Republic of China.
The Group is now engaged in negotiations with the Government to finalise the legal and financial aspects of this termination. If appropriate, a further announcement will be made in due course.
- ENDS -
For further information, please contact:
|
ENRC: Investor Relations |
Mounissa Chodieva |
+44 (0) 20 7389 1879 |
|
James S Johnson |
+44 (0) 20 7389 1862 |
|
|
Marianna Adams |
+44 (0) 20 7389 1886 |
|
|
ENRC: Press Relations |
Julia Kalcheva |
+44 (0) 20 7389 1861 |
|
M: Communications |
Hugh Morrison |
+44 (0) 20 7153 1534 |
|
Edward Orlebar |
+44 (0) 20 7153 1523 |
|
|
Elly Williamson |
+44 (0) 20 7153 1539 |
About ENRC
ENRC is a leading diversified natural resources group performing integrated mining, processing, energy, logistics and marketing operations. The operations comprise: the mining and processing of chrome, manganese and iron ore; the smelting of ferroalloys; the production of iron ore pellets; the mining and processing of bauxite for the extraction of alumina and the production of aluminium; coal extraction and electricity generation; and the transportation and sales of Group products. The Group's production assets are largely located in the Republic of Kazakhstan. The Group's entities, in the year ended 31 December 2008, employed about 67,000 (2007: 64,000) people. In 2008, the Group accounted for approximately 5% of Kazakhstan's GDP. The Group currently sells its products around the world, including in Russia, China, Japan, Western Europe and the United States. For the year ended 31 December 2008, the Group had revenue of US$6,823 million (2007: US$4,106 million) and profit attributable to equity shareholders of the Group of US$2,642 million (2007: US$798 million). For further information please see the Group's website, www.enrc.com.
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