ENRC’s revenues edge lower as it readies itself for delisting

Suzie Neuwirth
ENRC, the troubled Kazakh miner which is soon to go private after six turbulent years on the London Stock Exchange, yesterday said that revenue in the first nine months of the year was “marginally below” the same period last year, due to lower commodity prices.

The firm – which officially delists on 25 November after being bought out by its founders – said that costs had risen by six per cent compared to last year, but did not disclose any figures on revenues, profits or costs.

Over the third quarter, the ferroalloy, energy and iron ore divisions operated at full available capacity, ENRC said. Saleable copper production increased by 105.1 per cent in the third quarter.

The company has gross available funds of $600m (£374m) and net debt of $6.1bn.

“Our consistent operating performance in our key commodities has helped to mitigate the effect of a lower pricing environment and I am pleased that our costs within Kazakhstan have also stabilised,” said chief executive Felix Vulis.