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ENRC pleased with operational performance

ENRC pleased with operational performance

Miner ENRC (LON:ENRC) expects production to remain at or close to full available capacity across its divisions in 2013 as it updated on its first quarter.

Iron ore production was affected by "severe" weather during the three months to March 31 but elsewhere production was at full available capacity.

Revenue decreased slightly against the first quarter of 2012 due to weaker commodity prices, while cost inflation was in line with guidance, the Kazakh miner said.

Its copper Frontier mine in the Democratic Republic of Congo is ramping up to steady production and full milling capacity is expected in July this year, it added.

Chief executive Felix Vulis told investors: "I am pleased with the group's recent operational performance, which is a reminder of the underlying strength of the business.

"The ferroalloys division produced at full available capacity, volumes were included for the full quarter from Shubarkol and alumina production has recovered well."

He added: "As a management team our focus continues to be on the development of our key growth projects, management of cost inflation and maximising production volumes from our world class asset base."

On the potential takeover offer, the firm repeated it had not received any proposal which could result in an offer or possible offer.

ENRC shares dipped 0.76% to 310.10p.

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Eurasian Natural Resources Timeline

November 05 2013
April 24 2013
April 19 2013

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