Slump in metal prices rocks ENRC
Thursday 16 August 2012
The controversial Kazakh miner ENRC counted the cost of plunging metal prices yesterday as profits slumped and the group slashed its interim dividend.
ENRC, tainted by a contentious mining deal in the Democratic Republic of the Congo (DRC) and attempting to draw a line under a damaging corporate governance storm, also hacked back its 2012 spending plans for this year as first-half profits sank 41 per cent to $1.14bn (£727m).
ENRC has been hit by tumbling prices for a host of commodities including iron ore, down 25 per cent year on year, and aluminium as the global economy continues to suffer.
ENRC raised eyebrows over its acquisition of the Kolwezi copper mine in the DRC, seized in 2009 by President Joseph Kabila from London-listed First Quantum and sold to a firm controlled by Israeli businessman Dan Gertler for $60m. He later sold it to ENRC for $175m.
Ian McKellen and Patrick Stewart bromance continues: X-Men star gushes about 'pussy cat' BFF Patrick Stewart
David Cameron stung by jellyfish: PM hurt after ignoring advice of locals while on holiday
South Korea ferry: Vice principal rescued from sinking ship found hanged
Hollande's affair: Catherine Deneuve and Sophie Marceau in war of words over President's relationship with Julie Gayet
Kim Jong-un, crowds and contraband kit: Inside North Korea with the the Pyongyang marathon winner
The food poverty scandal that shames Britain: Nearly 1m people rely on handouts to eat – and benefit reforms may be to blame
US Navy christens huge $3 billion destroyer ship USS Zumwalt that appears as a fishing boat on enemy radar
Scottish independence: It is the English who should be on their knees, begging the Scots to vote ‘No’
Nigel Farage fatigue? Half of voters ‘immune’ to Ukip’s appeal
Nigel Farage: I’m taking on the status quo, and the Establishment’s fighting back
Refugee facing deportation from Sweden saved by fellow passengers refusing to let plane leave
- 1 KFC 'sorry' after lesbian couple are kicked out of Bath restaurant for 'heavy petting'
- 2 Dylan Tombides: West Ham confirm 20-year-old striker has died after battle with cancer
- 3 24 people applied for the 'world's toughest job', here are their interviews
- 4 'Sinful': Video of British Muslims dancing to Pharrell Williams's hit Happy comes under attack
- 5 PFA Player of the Year: Luis Suarez, Daniel Sturridge and Steven Gerrard all nominated as Liverpool dominate award shortlist
iJobs Money & Business
£150.00 per week: QA Apprenticeships: This company has been providing on site ...
£221.25 per week: QA Apprenticeships: This company is a well established Inter...
£40000 - £50000 per annum: Harrington Starr: Client Relationship Manager - SQL...
£35000 - £50000 per annum: Pro-Recruitment Group: Take your chance to join the...