It is reported that Kazakhstan based mining group Eurasian Natural Resources Corporation Plc in 2010 it registered a 118.5%YoY growth in its underlying EBITDA to USD 3.19 billion, it saw a 72%YoY increase in its revenue to USD 6.6 billion while the profit attributable to equity holders of the company more than doubled in 2010, increasing by 109%YoY to USD 2.19 billion.

ENRC said that its strong financial performance in 2010 was due to record production volumes and the recovery of demand for its products.

In 2010, ENRC ferroalloys division contributed USD 1.4 billion or 43.9% of its underlying EBITDA for the year while its iron ore division contributed USD 1.13 billion or 35.5% to its underlying EBITDA.

ENRC said that in 2011 it expects the strong growth in the developing economies to continue to underpin strong demand and pricing, while its operations are expected to be maintained at effectively full capacity.

Mr Felix J Vulis CEO of ENRC said "We remain positive on the group's prospects for 2011, although the control of costs growth and the development of our assets in Africa will be important issues for management, as will be the continued near-term risk of commodity market volatility."

(Sourced from SteelOrbis)
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