Mining giant revalues
FTSE 100 mining giant Eurasian Natural Resources Corporation (ENRC) will this week announce a massive writedown on its operations that could exceed $1bn (£670m).
ENRC warned last month that it will take "significant" writedowns, as it became the latest victim of an industry-wide acquisitions spree that was devalued by a cocktail of rising costs and falling prices.
It is expected to give the precise number ahead of its full-year results on Wednesday but the impairments relate to it's alumina business in Kazakhstan, the Boss Mining copper and cobalt mine in the DRC, and Chambishi, the Zambian copper and cobalt smelter it acquired in 2010. Also, the value of its 13.5 per cent stake in Johannesburg-listed Northam Platinum, bought in 2010, has fallen from $296m to $226m.
Deutsche Bank estimates ENRC will report a two-thirds decline in its pre-tax profit, from $2.75bn in 2011 to $895m last year. The bank forecasts that writedowns will come in at between $550m and $1.05bn.
- 1 The BBC has just done more to eradicate ‘terrorism’ than all our wars since 9/11
- 2 Dog thinks owner is drowning in lake, dives in and tries to pull him out
- 3 Thank heavens for Louise Mensch and her foul-mouthed tweets to world leaders
- 5 Phil Neville backtracks on Tomas Rosicky 'I'd smash him' comments from Match of the Day 2
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Greece elections: Greek PM Alexis Tsipras takes aim at 'neo-liberal' Europe as country gears up for prolonged austerity battle
Auschwitz liberation 70th anniversary: Woman sent to three Nazi death camps describes surviving gas chamber
Prince Philip set to be knighted by Australia: Celebrate by reading his greatest gaffes
New York snow: Winter Storm Juno downgraded as 'one of the largest snowstorms in history' fails to show
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
Islamic history is full of free thinkers - but recent attempts to suppress critical thought are verging on the absurd
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
iJobs Money & Business
£16500 - £16640 per annum: Recruitment Genius: This fast growing Finance compa...
£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...
£18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...
£25 - 28k + Bonus: Guru Careers: An In-house / Internal Recruiter is needed to...