Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

ENRC Rises in London as Ferroalloy Output Exceeds Estimates

Don't Miss Out —
Follow us on:

Feb. 6 (Bloomberg) -- Eurasian Natural Resources Corp., a Kazakh metals producer, rose the most in more than four months in London trading after reporting higher-than-estimated fourth-quarter ferroalloy output and increased iron ore volumes.

ENRC advanced 9.1 percent to 375.60 pence by the close, the biggest gain since Sept. 14 and the highest level since Aug. 16. Production of saleable ferroalloys, used in steelmaking, increased 8.9 percent to 392,000 metric tons, ENRC said today in a statement. Iron-ore extraction rose 4.4 percent to 11 million tons.

ENRC “achieved significant production increase on 2011 full-year level,” Chief Executive Officer Felix Vulis said in the statement. “We anticipate delivering a strong operational performance across the group in 2013.”

The ferroalloy output beat estimates by 3 percent, Liberum Capital Ltd. said in a note. “Overall, the divisions that are currently the main earnings contributors all came in in line and we would expect small upgrades to 2012 consensus.”

ENRC, which produces ferroalloys, iron ore, aluminum and power in Kazakhstan, owns copper and cobalt assets in Zambia and the Democratic Republic of Congo, where it acquired First Quantum Minerals Ltd.’s stakes in three mines last year for $1.25 billion.

ENRC mined 1.17 million tons of bauxite, a raw material for alumina used to produce aluminum, down 18 percent from last year. Aluminum production declined 1.6 percent percent to 62,000 tons in the quarter, while it was unchanged at 249,000 tons for the year.

Fourth-quarter output of saleable copper fell 4 percent to 7,756 tons because of power supply disruptions, ENRC said. It produced 35,216 tons of copper in 2012, up 19 percent from 2011.

ENRC, which in April bought the 75 percent of Kazakh coal producer Shubarkol Komir JSC it doesn’t own for $650 million, produced 53,000 tons of special coke, it said.

To contact the reporter on this story: Firat Kayakiran in London at fkayakiran@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.