Kazakhstan-based mining group Eurasian Natural Resources Corporation Plc. (ENRC) has announced that in 2010 it registered a 118.5 percent year-on-year growth in its underlying EBITDA to $3.19 billion, it saw a 72 percent year-on-year increase in its revenue to $6.6 billion, while the profit attributable to equity holders of the company more than doubled in 2010, increasing by 109 percent year on year to $2.19 billion.
ENRC said that its strong financial performance in 2010 was due to record production volumes and the recovery of demand for its products.
In 2010, ENRC's ferroalloys division contributed $1.4 billion, or 43.9 percent, of its underlying EBITDA for the year, while its iron ore division contributed $1.13 billion, or 35.5 percent, to its underlying EBITDA.
ENRC said that in 2011 it expects the strong growth in the developing economies to continue to underpin strong demand and pricing, while its operations are expected to be maintained at effectively full capacity.
"We remain positive on the group's prospects for 2011, although the control of costs growth and the development of our assets in Africa will be important issues for management, as will be the continued near-term risk of commodity market volatility," ENRC's CEO Felix J Vulis said.