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Production Activities Of Ferro-Alloys And Ores At ENRC In 1st Half 2008
= Fe-Cr Production Increased By 11% From That In 2007, Output Of Cr-Ore Also Increased
Eurasian Natural Resources Corporation (ENRC), which has been based on Kazakhstan and produces ferro-alloys and ores, recently released their settlement of accounts for the first half (January - June) of 2008 and, according to this report, the quantities of ferro-alloys and ores produced and sold by ENRC in the first half of 2008 as well as their financial results for the period were as per the tables attached hereto.

Namely, ENRC produced 633,000 tons of ferro-chrome in the first half of 2008, having increased by 11.6% compared with that (567,000 tons) in the same period of 2007. Also, as regards chrome ore as raw material for production of ferro-chrome, ENRC produced 1,914,000 tons of chrome ore in the first half of 2008, which increased by 3.6% compared to that (1,848,000 tons) in the same period of 2007.

ENRC has taken over in April of 2008 Serov Ferroalloy Plant of Russia and an effect of this acquisition appeared on the quantities of ferro-chrome and chrome ore produced in the first half of 2008.

Also, ENRC produced 79,000 tons of silico-manganese in the first half of 2008, having remained on a similar level to that (80,000 tons) in the same period of 2007. The quantity of manganese ore (salable ore) produced by ENRC in the first half of 2008 came to 531,000 tons, which had a substantial increase of 26.4% from that (420,000 tons) in the same period of 2007.

For a reference, according to the settlement of accounts for the first half of 2008 released by ENRC, the revenue at their Ferro-Alloy Division recorded US$2,110 million (compared with US$917 million for the same period of 2007) and its EBITDA reached US$1,408 million, which had a considerable increase compared to that (US$405 million) in the same period of 2007.
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last modified : Tue 09 Sep, 2008 [10:30]
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