Kazakhmys hit by ENRC stake sale in first half August 22, 2013 COPPER miner Kazakhmys yesterday said it had taken a $823m (£528m) hit from the sale of its 26 per cent stake in peer ENRC, as it posted a first-half loss of $962m. The FTSE 250-listed firm plunged into the red from a $122m profit in the same period last year and announced that it had [...]
Analyst Views | What did you make of Kazakhmys’ results? August 22, 2013 LOUISE COLLINGE INVESTEC“The ENRC impairment looks unflattering but should have been expected. The lack of interim dividend is the right decision by the company for cash conservation but may disappoint the market. While costs came in below expectations for the first half, they look set to rise in the second half. PETER MALLIN-JONES CANACCORD GENUITY“The [...]
ENRC earnings hit by slump in commodities August 14, 2013 PROFITS at under-fire mining group ENRC have slumped in the first half of the year as costs rose and the value of commodities fell. The firm, which is caught up in a takeover offer from its founders as well as a Serious Fraud Office investigation, said revenues fell one per cent to $3.2bn (£2.06m) while [...]
London Report: Blue chips drop as ex-dividends spark sell off August 14, 2013 THE FTSE 100 ended lower yesterday, with losses for companies going ex-dividend offsetting the impact of positive macroeconomic data, which lifted financial stocks. Kazakh miner ENRC, down 2.7 per cent, was among the top fallers on the FTSE 100 after announcing a steeper-than-expected drop in first-half profit, while global miner Rio Tinto fell 1.8 per [...]
Cardiff City FC mull plan for a stock market float August 11, 2013 FORMER ENRC chairman Mehmet Dalman is pushing forward with plans to take newly promoted Cardiff City Football Club onto the stock market. The Square Mile veteran, who is chairman at the club, is understood to have met with capital market bankers to discuss plans for the club, which could include a market float. Hong Kong [...]
London Report: More details of Carney’s policy change are due August 11, 2013 AFTER Bank of England governor Mark Carney’s landmark forward guidance announcement last Wednesday, documents released this week should provide more clues as to how the new policies were agreed. The minutes from the monetary policy committee’s latest meeting, due on Wednesday, are likely to hint at a divide among the members over how comprehensive the [...]
ENRC independent directors tell shareholders to consider offer August 8, 2013 ENRC’S independent board yesterday recommended that shareholders should “seriously consider” the £3bn offer from the company’s founders, despite the price “materially undervaluing” the Kazakh miner. The board said that there was a lack of alternatives for investors and that an imminent de-listing could adversely affect the liquidity, marketability and value of the ENRC shares. The [...]
ENRC production levels increase August 7, 2013 Troubled miner ENRC yesterday said that its iron ore division had its best quarter in three years, reporting a 9.9 per cent year-on-year increase in production to 10,874kt. Ferroalloys production increased by 2.4 per cent and aluminium production rose by 1.6 per cent year-on-year. Copper output rose 81 per cent due to increased capacity at [...]
SFO’s tip-off service nets no investigations July 25, 2013 THE SERIOUS Fraud Office has had its hands full in the last year. From Libor to ENRC to GSK, a dizzying array of acronyms has built up in its in-tray. So it’s laudable that the SFO took the time this week to email in about a story City A.M. ran in March on the organisation’s [...]
Institute of Directors takes stand against tighter listing proposals July 22, 2013 THE INSTITUTE of Directors (IoD) yesterday criticised proposals to tighten listing rules for companies with controlling shareholders. The influential group said the idea put forward by the Association of British Insurers for more stringent rules on majority shareholders in London-listed companies would fail to boost governance standards. It follows criticism of London’s listing rules after [...]