ENRC Announces Production Results for Q2
OREANDA-NEWS. August 28, 2009. EURASIAN NATURAL RESOURCES CORPORATION PLC (London), common shares of which are listed on Kazakhstan Stock Exchange (KASE), provided KASE with a press release, reported the press-centre of KASE:
Eurasian Natural Resources Corporation PLC ('ENRC' or, together with its subsidiaries, the 'Group'), the holding company of a leading diversified natural resources group principally based in Kazakhstan, announces its Production Report for the Second Quarter ended 30 June 2009.
Overall Group production volumes in the quarter ended 30 June 2009 improved on the levels of Q1 2009. Production volumes in the Ferroalloys and Iron Ore Divisions increased substantially compared to Q1 2009, whilst in the Alumina and Aluminium Division production volumes were sustained at existing capacity levels. Ore grades remained broadly consistent in all products. In the Energy Division, electricity generation was steady but internal sales increased significantly on Q1 2009. Coal production volumes reduced, mainly due to lower external demand. Logistics volumes saw a small increase compared to Q1 2009.
- Ferroalloys Division (excluding Serov and Tuoli). Production volumes remained below the comparable period of 2008. The decrease in production in Q2 2009 versus Q2 2008 was:
- (17.2)% for saleable chrome ore;
- (29.2)% for saleable manganese concentrate; and
- (17.9)% for total ferroalloys, with silicomanganese production broadly steady.
Ferrochrome production decreased (10.6)% compared to Q2 2008, reflecting previously announced production cutbacks for the Division, but increased 35.8% from Q1 2009. Serov added saleable chrome ore production of 11 kt and total ferroalloys production of 25 kt. Tuoli's output was minimal in Q2 2009, with one furnace restarted at the end of June.
- Iron Ore Division. Production volumes decreased compared to Q2 2008, reflecting the previously announced production cutbacks for the Division:
- (22.0)% for iron ore extraction;
- (19.7)% for primary concentrate; and
- (17.6)% for saleable ore.
In Q2 2009, compared to Q2 2008, there was a change in the saleable mix with an increased proportion of saleable concentrate. Pellet production declined (36.5)% whilst saleable concentrate production was broadly steady. Against Q1 2009, pellet production increased 63.5% and saleable concentrate production rose 22.0%.
- Alumina and Aluminium Division. Bauxite extraction and production volumes of saleable alumina remained stable, with an increase of 0.3% compared to Q2 2008. The Division produced 30 kt of aluminium, in line with the Phase 1 run rate capacity.
- Energy Division. Coal production volumes decreased (6.6)% compared to Q2 2008, in response to a milder winter. Electricity generation increased 17.5% compared to Q2 2008, reflecting increased available capacity. Internal sales rose 29.4% against Q1 2009 to support higher production levels, with overall generation broadly steady.
- Logistics Division. The tonnage of goods transported by railway decreased (10.7)% versus the comparable period in 2008, as a result of reduced activity in the principal operating Divisions; volumes rose 4.2% against Q1 2009.
Dr Johannes Sittard, Chief Executive Officer, said, "We are particularly pleased to report for Q2 2009 increased production in the Ferroalloys and Iron Ore Divisions. This continued the trends experienced since the beginning of the year and reflected better than expected sales volumes. We continue to closely monitor production levels and the demand outlook and remain focused on the control of inventory".
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