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 Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
- 2 Christians: The world's most persecuted people
- 3 The secret report that helps Israelis to hide facts
- 4 Danish TV reporter is all business up top, all party down below
- 5 Denmark bans kosher and halal slaughter as minister says ‘animal rights come before religion’
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
Israel-Gaza conflict: The children were playing in the street with toy guns. The missiles were tragically real
Danish TV reporter is all business up top, all party down below
Syria conflict: Syrian and Turkish Kurds unite to battle Isis threat - ‘We shoot them like sheep, but next day double the number return’
Ross Burden dead: MasterChef and Ready Steady Cook star, dies aged 45
The secret report that helps Israelis to hide facts
A day in the life of Vladimir Putin: The dictator in his labyrinth
Were 'Poor Doors' added to mixed developments so wealthy residents don't have to go in alongside social housing tenants?
A new Russian revolution: The cracks are starting to appear in Putin’s Kremlin power bloc
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Opponents of Israel's military operation in Gaza are the real enemies of Middle Eastern peace
iJobs Money & Business
Data Governance Manager (Solvency II) – Contract – Up to £450 daily rate, 6 month (may go Permanent)
£350 - £450 Per Day: Clearwater People Solutions Ltd: We are currently looking...
£500 - £560 per day: Orgtel: Java Developer FX - Banking - London - Up to £560...
£350 - £400 per day + competitive: Orgtel: My client, a leading bank, is curre...
£26000 - £30000 per annum + Benefits: Ashdown Group: Account Manager - (Produc...