Production and revenues up at ENRC
Kazakhstan-based natural resources holding company Eurasian Natural Resources Corporation said it has seen a very significant increase in group revenue in the first quarter, with good sales volume growth in the Ferroalloys, Iron Ore and Energy divisions.
The group said that excluding alumina, average prices for all commodities have been higher.
Average price increases were as follows:
Ferroalloys 91%
Iron ore 42%
Thermal coal 200%
Electricity 24%
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Average alumina prices fell 10%, however.
The cost of sales rose substantially, reflecting the operations of the new aluminium smelter, increased materials costs and higher payroll expenses.
Production volumes in the first quarter of 2008 increased over the corresponding period of 2007.
The Ferroalloys division saw a 2.5% increase in production volumes, including a 3% increase in high-carbon ferrochrome production.
The Iron Ore division saw a 7.6% year-on-year increase in iron ore extraction volumes, with a 3.3% increase for primary concentrate and a 21.3% increase for saleable concentrate offsetting a change in mix with a 9.6% reduction in pellets produced.
The Alumina and Aluminium Division saw a 6.9% increase in bauxite extraction volumes and a 5.9% uplift in alumina.
The Energy Division’s production volumes increase 12.4% for coal mined, but this was partially offset by a fall of 10% in electricity generated.
