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.
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