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ENRC warns of slowdown
Kazakh mining group ENRC warned yesterday that revenue decreased “significantly” in the first quarter compared to a bumper three months a year ago, hit by a drop in prices for the commodities it sells, especially iron ore, and weaker production volumes. The miner said it expects cost pressures to continue and unit costs to rise up to 20 per cent this year. Iron ore and ferroalloy production both fell.