ENRC says positive Q1 continued into Q2
Mining firm Eurasian Natural Resources Corp (ENRC) said on Wednesday that positive trends in the first quarter of the year had continued into the second quarter.
First Great Western to invest £29 mln in service improvementsDavid Cooksey, chairman of the company, said, "Into the second quarter of 2008 the trends underlying trading this year have continued. Significant price increases will feed through to benefit ferroalloys and iron ore revenues,"
The miner said that it expected to generate a new revenue stream from an aluminium smelter which should create sales of around 100,000 tonnes of aluminium this year.
Earlier this year ENRC said that higher commodity prices had given it a revenue boost in the first quarter and had laid the foundation for a good performance for the full year.
Metal prices have increased significantly this year, with ferrolalloy prices up 91 per cent and iron ore rising 42 per cent.
In the first quarter production of ferroalloys at ENRC rose 2.5 per cent and high-carbon ferrochrome production increased three per cent.
Yesterday fellow miner Kazakhmys said that it would be increasing its stake in ENRC by 7.7 per cent to 22 per cent.
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