/KASE, November 24, 08/ - EURASIAN NATURAL RESOURCES
CORPORATION PLC (London), common shares of which are traded in
Kazakhstan Stock Exchange (KASE) official list of the first category, provided to
KASE the press release of November 12, 2008 on the following:
Quotation start
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 its Interim
Management Statement for the second-half of 2008 and its Production Report for
the third quarter ended September 30, 2008.
Highlights for the 9 Months to September 30, 2008.
Production volumes across the Group (excluding Serov and the new aluminium
smelter) increased relative to the corresponding period in 2007.
- Production volumes across the Group (excluding Serov and the new
aluminium smelter) increased relative to the corresponding period in 2007.
- The Group's financial performance for the period remained very strong,
driven by significantly higher prices, in particular for ferroalloys and iron
ore.
- Growth in total costs was successfully managed and was within Management
expectations, and significantly below the rate of growth for revenues.
- The Group's financial position is robust with gross available funds of
approximately USD2.6 bn.
Outlook for the Full Year 2008.
- Since 30 September 2008 there have been a number of significant
developments against the background of a deteriorating global economy, with
weakening prices and sales.
- The Group has reassessed its production plans for Q4 2008. Production will
be reduced in the Ferroalloys Division and the Iron Ore Division; full year
2008 output will be below that for 2007 on a comparable basis.
- The Group is reviewing its capital expenditure plans to focus on replacement
and efficiency investments whilst re-evaluating the timing of expansion
projects. For the full year 2008 capital expenditure will be significantly below
the previously projected USD1.7 bn.
- Despite the downturn in Q4 2008 the Group believes that its results for full
year 2008 will be strong and towards the lower end of Management
expectations.
"The Group's financial performance for the nine months ended Q3 2008
remained very strong, in line with our expectations. While the outlook for Q4 2008
is of weakening demand we continue to expect a strong performance for the full
year 2008. In response to the sharp slowdown in the global economy, including
China and Russia, and reduced demand, we have cut back production in the
Ferroalloys and Iron Ore Divisions.
We believe that we are well positioned to face the challenges and seize the
opportunities presented by the current economic environment. We will focus on
maintaining our advantageous low cost position. Our strong balance sheet
enables us to continue our investment in key projects and to consider
acquisitions. Over the medium term we remain convinced of the growth prospects
in our key markets." Dr Johannes Sittard, Chief Executive Officer.
For additional information, please contact:
ENRC: Investors 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 Center
Julia Kalcheva +44 (0) 20 7389 1861
M: Communications
Hugh Morrison +44 (0) 20 7153 1534
Edward Orlebar +44 (0) 20 7153 1523
Quotation end
The full version of EURASIAN NATURAL RESOURCES CORPORATION PLC
press release is available on KASE website at
http://www.kase.kz/files/emitters/GB_ENRC/gbenrc_reliz_121108.pdf
[2008-11-24]