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Eurasian Natural Res ENRC Board and Senior Management Changes



  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
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