Kazakhstan-based mining group Eurasian Natural Resources Corporation Plc. (ENRC) has announced that in the first half of the current year it registered a 79.1 percent year-on-year increase in its revenue to $3.045 billion, while the profit attributable to equity shareholders of the group went up by 63 percent year on year to $902 million.
Accordingly, in H1 2010, ENRC's ferroalloys division had revenues of $1.394 billion (up from $862 million in H1 2009), which represented 45.8 percent of the group's consolidated revenue. Meanwhile, ENRC's iron ore division had H1 2010 revenues of $864 million (up from $469 million in H1 2009), which represented 28.4 percent of consolidated revenue.
"The increased revenue was driven by higher prices but also by significantly higher sales. Total costs growth reflected higher sales volumes and increased materials, tax, energy, depreciation and labor expenses," reads the company's statement, adding that its costs will continue rising and weaker economic growth may drag down sales prices in the second half of the year.
For H1 2010 ENRC's capital expenditure was $483 million ($559 million in H1 2009), largely reflecting the timing of projects. For the full year of 2010, ENRC's capital expenditure is expected to amount to approximately $1.5 billion, including $0.4 billion for capital repairs.