EURASIAN NATURAL RESOURCES CORPORATION PLC (ENRC, United Kingdom) announces Y2011 Q1 operating results
May 17. KASE
Eurasian Natural Resources Corporation PLC (“ENRC” or, together with its subsidiaries, the “Group”) today announces its May 2011 Interim Management Statement and its Production Report for the First Quarter ended 31 March 2011.
Highlights for the Three Months ended 31 March 2011
– Production maintained at effectively full available capacity across all of our principal commodities. Against Q1 2010, saleable ferrochrome production was ahead 4.2%, iron ore pellet rose 2.6% and aluminium increased 37.8%. There was continued growth in copper and cobalt production;
– Financial performance underpinned by strong production and sales volumes and a positive pricing environment, partially offset by higher costs;
– Progress with the Aktobe ferroalloys expansion, the anode plant, alumina capacity increase and the commissioning of a new power unit;
– Additional US$0.5 billion revolving credit facility secured;
– Balance sheet position remained strong: gross available funds of US$2.1 billion; total debt of US$1.6 billion.