ENRC at full capacity in second quarter
Aug 03. SHARECAST. LONDON
By Benjamin Chiou
Kazakhstan-focused miner Eurasian Natural Resources Corporation (ENRC) said that production for the second quarter was at effective full capacity, with volumes in line with expectations.
The firm – which produces ferroalloys, iron, aluminium, coal and electricity – expects production to be kept at full capacity for the remainder of the year.
“We are pleased to report that production in our businesses in Kazakhstan continued at effective full capacity and that the development of our copper and cobalt assets in Africa is progressing to plan,” said chief executive officer Felix Vulis.
“Production across all Divisions is expected to be maintained at effective full capacity for the second half of 2011. We are continuing our programme of capital investment which is set to deliver a significant uplift in production capacities as planned.” The ferroalloys division, ENRC’s largest, produced 398kt of saleable ferroalloys, just 0.8% higher than the same period in 2010. While the firm saw increases in the amount of high-, medium- and low-carbon ferrochrome produce, ferrosilicochrome and silico-manganese production fell by 28.6% and 6.3%, respectively, due to the planned maintenance of furnaces.
Ore extraction and primary concentrate production volumes in the period fell due to lower processing capacity, as a result of the ore mix and repair works.
Aluminium, copper and cobalt production all increased compared with the comparable period in 2010.