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.
- 1 Amy Winehouse statue unveiled in Camden
- 2 Lego breaks out of the toy box and heads for the gallery
- 5 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
Scotland independence vote: Everything you ever wanted to know about life after the result
Amy Winehouse statue unveiled in Camden
Jennifer Lawrence and Kate Upton nude pictures exhibition cancelled after artist concedes photos were 'stolen property'
David Haines beheading: David Cameron says Britain will hunt down Isis 'monsters' shown in video murdering aid worker
Dorset named best place to retire in England and Wales
George Galloway on Scottish independence: The political class is doing what Hitler couldn’t – destroying Britain
Daniele Watts: Django Unchained actress detained in Los Angeles after being mistaken for a prostitute
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: Yes campaign feels the heat as Alex Salmond's NHS claims come under furious attack
Scottish independence: Britain faces 'constitutional crisis' at next election
£23m Birmingham cycle scheme is attacked by Tory councillor for not catering to the elderly
iJobs Money & Business
£280 - £320 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
£35000 - £38000 per annum + Benefits: Ashdown Group: Training Coordinator / Pl...
Data Governance Manager (Solvency II) – Contract – Up to £450 daily rate, 6 month (may go Permanent)
£400 - £450 Per Day: Clearwater People Solutions Ltd: We are currently looking...