ENRC lifted by new mines

Marion Dakers
KAZAKH miner Eurasian Natural Resources Corporation (ENRC) posted an 80 per cent rise in first-half pre-tax profit yesterday and raised its earnings per share 63 per cent to 70 cents, crediting a rise in production and acquisitions.

Shares dipped by four per cent to 928.5p, however, as the firm voiced concern over falling commodities prices.

“Current economic signals remain mixed and there are some evident areas of weakness,” the London-listed firm said yesterday. “In this environment pressures are evident on the realised prices that we are able to secure for our commodities.”

ENRC profits rose to $1.2bn (£770m), from sales that rose from $1.6bn to $3bn.

The company said controlling costs would remain a challenge after like-for-like costs increased 27 per cent.

Operations in Kazakhstan are now at full capacity, according to chief executive Felix J Vulis. He said: “We remain positive on the long-term prospects for the growth of the Chinese and Russian economies.”