/KASE, November 12, 10/ - EURASIAN NATURAL RESOURCES CORPORATION PLC (London),
whose common shares are officially listed on Kazakhstan Stock Exchange (KASE),
provided to KASE the following press release of November 11, 2010:
quote
London - Eurasian Natural Resources Corporation PLC ('ENRC' or, together with
its subsidiaries, the 'Group') today announces its November 2010 Interim
Management Statement and its Production Report for the Third Quarter ended
30 September 2010.
Highlights for the 9 Months to 30 September 2010
- Production maintained at effectively full available capacity across all of our
principal commodities. Continued increase in copper and cobalt production;
- Financial performance underpinned by strong production and sales volumes
and a positive pricing environment;
- Balance sheet position remained strong; gross available funds of US$824
million.
Recent Developments and Outlook for the Full Year 2010
- Commodity driven growth and diversification strategy enhanced through the
acquisitions of stakes in Camrose in Africa, and in Brazil, of BML, MIBA and
MPB;
- Secured an additional US$0.5 billion of facilities to finance growth projects,
with a further US$0.5 billion being finalised.
- Production expected to remain at full capacity in Q4 2010, with continued
strong demand for the Group's products;
- Outlook remains largely unchanged from the Half Year. Revenue and cost
growth broadly in line with expectations;
- Full year effective tax rate now expected to be approximately 28-29%;
- Planned capital expenditure to be approximately US$1.3 billion;
- Positive longer term economic outlook; growth in China and increased
forecasts for stainless steel production strengthen the Group's position.
"During the period we continued to operate at full capacity and expect to do so
for the remainder of the year, reflecting strong underlying demand for our
products. Revenue and cost growth is broadly in line with our expectations. Cost
management remains a priority for the Group in order to maintain our
advantageous cost position. Overall the outlook remains largely unchanged and
the Group is well positioned for further growth. We also secured significant
funding to strengthen our ability to finance the Group's growth project
pipeline."
I am pleased to report continued progress in our African operations, not least
through the potential offered by exploration and the latest acquisitions. With
our Camrose venture, the recent ruling of the ICC arbitration tribunal, removing
prohibitions on the DRC transferring the KMT licence, further validates our
comfort in our legal due diligence. Our recent iron ore acquisitions in Brazil
will provide access to the seaborne iron ore trade and have built scale in this
business. Our assets in Africa and Brazil, and our investment programme, will
significantly enhance the growth potential of the Group." Felix J Vulis, Chief
Executive Officer
unquote
The full version of the press-release is available on KASE website, at
http://www.kase.kz/files/emitters/GB_ENRC/gbenrc_reliz_111110.pdf
[2010-11-12]