Eurasian Natural Res (ENRC) - Board and Senior Management Changes RNS Number : 8440R Eurasian Natural Resources Corp Plc 23 November 2012 23 November 2012 Eurasian Natural Resources Corporation PLC Board and Senior Management Changes London - The Board of Directors of Eurasian Natural Resources Corporation PLC ('ENRC' or, together with its subsidiaries, the 'Group') today announces that it will be extending the role of the Group's Chairman, Mr Mehmet Dalman, with immediate effect. Mr Dalman has been given direct responsibility for corporate functions including Finance, Risk, Human Resources, Legal & Compliance, and Investor Relations. Mehmet Dalman has been an independent Director of ENRC PLC since its initial public offering in 2007, and was appointed Chairman in February 2012. He will retain, together with the Board, overall responsibility for the strategic development of the Group and its capital reorganisation, which is focused on improving the efficiency of its investment programme, as well as continuing to enhance ENRC's corporate governance. This change will enable Felix Vulis, ENRC's Chief Executive, to fully focus on operations, notably cost and operational efficiencies across the Group's assets. Operational management teams will report directly to Mr Vulis, and he will retain all responsibility for marketing, logistics and exploration. Mr Terence Wilkinson has been appointed as the new Chairman of the Nomination and Corporate Governance Committee with immediate effect, taking over from Mr Dalman who will step down as a member and as Chairman of this committee. The Board continues to have a majority of independent Directors. Mehmet Dalman commented: "I sincerely believe that extending the role of Chairman will assist in both strengthening management capacity and accelerating the delivery of the Group's key strategic objectives. It represents an efficient addition and division of labour between Felix and myself, drawing on my past experience as a senior executive at a number of leading global institutions. I look forward to the challenges of my extended role, focusing on Group profitability, developing and maintaining high standards of governance, outlining a clear strategic long-term path for the business and ultimately delivering returns to all shareholders." Felix Vulis commented: "Mehmet has made an invaluable contribution to the Group in his role as Chairman and I look forward to continuing to work with him in our collective goal of maximising returns for all stakeholders." - ENDS - For further information, please contact: ENRC: Investor Relations Mounissa Chodieva +44 (0) 20 7389 1879 Charles Pemberton +44 (0) 20 7104 4015 Alexandra Leahu +44 (0) 20 7104 4134 ENRC: Press Relations Julia Kalcheva +44 (0) 20 7389 1861 M: Communications (Press Relations Advisor to ENRC) Hugh Morrison +44 (0) 20 7920 2334 Charlotte Kirkham +44 (0) 20 7920 2331 Andrew Benbow +44 (0) 20 7920 2344 About ENRC ENRC is a leading diversified natural resources group, performing integrated mining, processing, energy, logistics and marketing operations. The operations comprise: the mining and processing of chrome, manganese and iron ore; the smelting of ferroalloys; the production of iron ore concentrate and pellet; the mining and processing of bauxite for the extraction of alumina and the production of aluminium; the production of copper and cobalt; coal extraction and electricity generation; and the transportation and sales of the Group's products. The Group's production assets are largely located in the Republic of Kazakhstan; other assets, notably the Other Non-ferrous Division, are mainly located in Africa; the Group also has iron ore assets in Brazil. In H1 2012 the Group's entities employed on average 78,430 (H1 2011: 75,050) people. The Group currently sells the majority of its products to Russia, China, Japan, Western Europe and the United States. For the six months ended June 30 2012, the Group had revenue of US$3,246 million (H1 2011: US$4,011 million) and profit attributable to equity holders of the Company of US$463 million (H1 2011: US$1,166 million). ENRC has six operating Divisions: Ferroalloys, Iron Ore, Alumina and Aluminium, Other Non-ferrous, Energy and Logistics. ENRC is a UK company with its registered office in London. ENRC's shares are quoted on the London Stock Exchange ('LSE') and the Kazakhstan Stock Exchange ('KASE'). For more information on ENRC visit the Group's website at www.enrc.com. Forward-looking Statements This announcement includes statements that are, or may be deemed to be, 'forward-looking statements'. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms 'believes', 'estimates', 'plans', 'projects', 'anticipates', 'expects', 'intends', 'may', 'will', or 'should' or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include matters that are not historical facts or are statements regarding the Group's intentions, beliefs or current expectations concerning, among other things, the Group's results of operations, financial condition, liquidity, prospects, growth, strategies, and the industries in which the Group operates. Forward-looking statements are based on current plans, estimates and projections, and therefore too much reliance should not be placed upon them. Such statements are subject to risks and uncertainties, most of which are difficult to predict and generally beyond the Group's control. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. The Group cautions you that forward-looking statements are not guarantees of future performance and that if risks and uncertainties materialise, or if the assumptions underlying any of these statements prove incorrect, the Group's actual results of operations, financial condition and liquidity and the development of the industry in which the Group operates may materially differ from those made in, or suggested by, the forward-looking statements contained in this announcement. In addition, even if the Group's results of operations, financial condition and liquidity and the development of the industry in which the Group operates are consistent with the forward-looking statements contained in this announcement, those results or developments may not be indicative of results or developments in future periods. A number of factors could cause results and developments to differ materially from those expressed or implied by the forward-looking statements including, without limitation, general economic and business conditions, industry trends, competition, commodity prices, changes in regulation, currency fluctuations, changes in business strategy, political and economic uncertainty. Subject to the requirements of the Prospectus Rules, the Disclosure and Transparency Rules and the Listing Rules or any applicable law or regulation, the Group expressly disclaims any obligation or undertaking publicly to review or confirm analysts' expectations or estimates or to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any changes in the Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Nothing in this announcement should be construed as a profit forecast. The forward looking statements contained in this document speak only as at the date of this document. A copy of this announcement will be available on ENRC's website at www.enrc.com. This information is provided by RNS The company news service from the London Stock Exchange END BOADLLFLLFFLFBK -0- Nov/23/2012 07:00 GMT
Eurasian Natural Res ENRC Board and Senior Management Changes
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