Company EURASIAN NATURAL RESOURCES CORPORATION PLC (ENRC, United Kingdom) commented its performance results in I-II quarters of 2008
11.06.08 20:47
/KASE, June 11, 08/ - Company EURASIAN NATURAL RESOURCES
CORPORATION PLC (London), common shares of which are traded in the
Kazakhstan Stock Exchange (KASE) category "A" official list, provided to KASE
the press release of the following content:
Quotation start
Eurasian Natural Resources Corporation PLC ("ENRC", or, jointly with
subsidiaries - the Group), holding company of a leading diversified group in
the area of production and enrichment of minerals, based in Kazakhstan, will
hold its annual general meeting today at 14:30 (standard British time) in
Lanesborough Hotel at: Hyde Park Corner, London, SW1X 7TA.
Sir David Cooksey, ENRC Chairman, in his address to shareholders will comment
performance results and perspectives of the Group as follows:
"As we already noted in our interim report of May 14, 2008, the first quarter
of 2008 built up the basis for the successful year with positive perspectives
on prices of our raw goods. Significantly increased the Group incomes, mainly
at the expense of higher prices of raw products and in main production
divisions incomes growth significantly exceeded expenses increase. Total
production volumes increased despite unfavorable weather conditions and we
observed significant increase of sales volume in divisions on production of
ferroalloys, iron ore and electricity, and sales of aluminum.
In the second quarter of 2008, the main trade tendencies of this year remain
effective. Significant growth of prices will lead to the increase of incomes
fro sales of ferroalloys and iron ore. In addition, we have the new source of
funds from the electrolysis plant, the volume of sales of which in 2008, as
expected, will make up about 100 000 tons.
In addition to this, in the second quarter we completely purchased Serovski
Plant of Ferroalloys in Russia, and certain additional assets (Serov), as well
as bought 50% stake in exploration of iron ore deposit in Brazil through company
Bahia Mineracao Limitada "BML". We also announced our intention to buy 50% of
shares of Chinese enterprise of ferroalloys production, company Xinjiang Tuoli
Taihang Ferro-Alloy Co. LTD, and that ENRC logistics division won the
government tender of Kazakhstan on the project "Gates to China", the new
railway road between Kazakhstan and China.
We paid attention on yesterdays' message of Kazakhmys (Kazakhmys Plc) that
the Government of Kazakhstan is intending to become its shareholder.
Kazakhmys announced that the Government will exchange shares of ENRC to
Kazakhmys shares, which allows Kazakhmys acquisition of additional 7.7% of
ENRC shares.
For additional information please contact:
ENRC
Mounissa Chodieva +44 (0) 20 7389 1879
James S, Johnson +44 (0) 20 7389 1862
Maryann Adams +44 (0) 20 7389 1886
M: Communications
Hugh Morrison +44 (0) 20 7153 1534
Edward Olebard +44 (0) 20 7153 1523
Julia Kalcheva +44 (0) 20 7153 1517
Quotation end
[2008-06-11]