EURASIAN NATURAL RESOURCES CORPORATION PLС (United Kingdom) acquires 50 % share in Chinese Ferro-Alloy Plant
12.05.08 12:33
/KASE, May 12, 08/ - EURASIAN NATURAL RESOURCES CORPORATION
PLС (London), common shares of which are traded in the official list of
Kazakhstan Stock Exchange (KASE) of category "А", provided KASE with the
press release as follows:
Quotation start
London - Eurasian Natural Resources Corporation PLC (ENRC or collectively
with its affiliates - the Group), a holding company of the leading diversified
group in mining and enrichment of minerals with integrated mining, processing,
energetic and transport enterprises, located in Kazakhstan, announced on
acquisition from Mr. Ma Yunpu 50% of shares of Xinjiang Tuoli Taihang Ferro-
Alloy Co. LTD, Chinese plant for Ferro-alloy production, for CNY101,250,000
(approximately USD14.5 m.) in cash.
Xinjiang Tuoli Taihang Ferro-Alloy Co. LTD is one of the largest Chinese Ferro-
alloy plants annually producing 120,000 tons high-carbon ferrochrome. The plant
is located in Tuoli region, Xinjiang province, approximately 300 km. away from
the Chinese-Kazakhstan border. The plant exploits four 12,500 kVA furnaces.
Currently ENRC supplies 70 % of the chrome ore processed by the plant.
This acquisition, the first in China, will strengthen ENRC positions on the
ferroalloys market; with the company being top ferro chrome producer. In 2007
ENRC produced 1.1 m. tons of high carbon ferrochrome.
Commenting on the acquisition, Dr. Johannes Cittard, ENRC Head Executive
Director, said: "We are indeed inspired by our first acquisition in China, the
market, which we know and which, in our opinion, has many prospects".
Close of the deal depends on final approval of local authorities of Xinjiang
province.
For further information, please, contact:
ENRC
Munissa Shodieva +44 (0) 20 7389 1879
James C. Johnson +44 (0) 20 7389 1862
M: Communications
Hugh Morrison +44 (0) 20 7153 1534
Edvard Orlebar +44 (0) 20 7153 1523
Yulia Kalcheva +44 (0) 20 7153 1517
Quotation end
[2008-05-12]