ENRC to book impairments

Marion Dakers
ENRC yesterday revealed it is planning to make “significant” writedowns to its Kazakh assets in next month’s results, sending its shares 2.6 per cent lower.

The firm said its tax rate will be 45 per cent, above the 37 to 39 per cent range it had previously guided, thanks to a write-off of a deferred tax asset, higher than expected spending and adverse changes in commodity prices.

The firm warned that its annual impairment review will recognise non-cash impairments during full year results on 20 March.

ENRC follows a string of miners being forced into writedowns in recent months, including Rio Tinto and BHP Billiton, both of which have announced new chief executives.

The FTSE 100 firm’s shares closed at 347p yesterday.