REVENUE at Eurasian Natural Resources Corporation (ENRC) decreased sharply in the nine months to September, as it said it would prioritise copper projects in the Congo.
ENRC, which is the world’s largest ferrochrome producer, said yesterday that it had completed its five-year spending review and intends to focus on five key projects, including a ferroalloys plant in Kazakhstan and several copper projects in the Congo.
The miner will spend $4.4bn (£2.8bn) on the five-year growth programme, of which $3.2bn will be spent on these five key projects. Weighing heavily on revenue was weaker prices for iron ore and ferroalloys, which fell by 26 per cent and eight per cent respectively. Lower sales of ferroalloys, chrome ore, iron ore and alumina also hurt revenue, ENRC said.
The aluminium division also suffered a 19 per cent fall in revenue due to lower prices, although this was offset by a strong performance in the energy division, ENRC said.