KAZAKH mining group ENRC reported a drop in second-quarter output from its key ferroalloys and iron ore divisions yesterday, hit by repair work, but saw increased production from its growing copper arm.
The London-listed miner’s headline 0.9 per cent dip in ferroalloys over the three months was largely due to a three per cent drop in high-carbon ferrochrome output, blamed on repairs at its Aksu furnaces completed during the quarter, which offset increases elsewhere in the division.
The miner also reported a drop in iron ore extracted and a 13.5 per cent drop in primary concentrate produced, as a temporary decline in ore quality added to repairs on its railways which meant less ore was available for processing.
Saleable production was down 12.3 per cent on the year ago to 3.6m tonnes.
ENRC’s growing copper arm saw second-quarter saleable copper rise 15.5 per cent on the year ago as it extracted more ore and grades improved, though power cuts meant production was slightly below the first three months of the year.
City A.M. Reporter