London Report: More details of Carney’s policy change are due August 11, 2013 AFTER Bank of England governor Mark Carney’s landmark forward guidance announcement last Wednesday, documents released this week should provide more clues as to how the new policies were agreed. The minutes from the monetary policy committee’s latest meeting, due on Wednesday, are likely to hint at a divide among the members over how comprehensive the [...]
London Report: Blue chips drop as ex-dividends spark sell off August 14, 2013 THE FTSE 100 ended lower yesterday, with losses for companies going ex-dividend offsetting the impact of positive macroeconomic data, which lifted financial stocks. Kazakh miner ENRC, down 2.7 per cent, was among the top fallers on the FTSE 100 after announcing a steeper-than-expected drop in first-half profit, while global miner Rio Tinto fell 1.8 per [...]
ENRC buys out Dan Gertler from Congo copper and cobalt mines December 9, 2012 MINING group ENRC has tightened its control over copper operations in the Democratic Republic of Congo with a $550m (£343m) cash deal that ends its links to controversial Israeli businessman Dan Gertler. ENRC – one of several foreign-owned, London-listed miners to come under fire over governance and transparency – has been pushing to streamline its [...]
ENRC pins hope on Congo as its revenue sinks November 8, 2012 REVENUE at Eurasian Natural Resources Corporation (ENRC) decreased sharply in the nine months to September, as it said it would prioritise copper projects in the Congo. ENRC, which is the world’s largest ferrochrome producer, said yesterday that it had completed its five-year spending review and intends to focus on five key projects, including a ferroalloys [...]
Glencore starts sale process for Peruvian mine July 16, 2013 GLENCORE Xstrata yesterday announced that it has started the sale process for its Peruvian copper mine Las Bambas, as demanded by the Chinese antitrust regulator back in April in return for merger approval. “Glencore Xstrata has received numerous expressions of interest in the Las Bambas project from a diverse group of international mining companies and [...]
New chair for Kazakhmys as earnings drop March 2, 2013 LONDON-LISTED Kazakh miner Kazakhmys posted a more than 30 per cent drop in 2012 core profit yesterday, excluding the impact of its share in rival ENRC, as weak prices hit revenue and failed to offset rising costs. The miner, which owns 26 per cent of rival ENRC, also said it might have to write down [...]
Analyst Views | What are your thoughts about enrc’s quarterly results? August 15, 2012 CAILEY BARKER NUMIS SECURITIES Neutral overall. It sustained good demand for key products and cost control is helping keep costs below expectations, despite the sharp rises. Overall, it was an in-line statement with caution to the outlook. ASH LAZENBY LIBERUM CAPITAL The balance sheet looks more constrained than we anticipated. Cost pressures experienced are ‘slightly [...]
ENRC rocked as commodity prices tumble August 15, 2012 KAZAKH mining group ENRC yesterday blamed falling commodity prices and a “challenging economic environment” for declining revenues over the first half of the year. The FTSE 100-listed miner reported lower underlying earnings of $1.14bn, down 41 per cent over the first half of the year. Earnings per share also fell 60 per cent to $0.36. [...]
Ferroalloy production dips at miner ENRC but copper booms August 1, 2012 KAZAKH mining group ENRC reported a drop in second-quarter output from its key ferroalloys and iron ore divisions yesterday, hit by repair work, but saw increased production from its growing copper arm. The London-listed miner’s headline 0.9 per cent dip in ferroalloys over the three months was largely due to a three per cent drop [...]
Best of the Brokers January 14, 2013 WM MORRISON UBS rates the supermarket “neutral” and has cut its price target by 20p to 250p following lacklustre Christmas trading figures announced last week. The analyst warns that Morrison’s cost-cutting plan is being made more difficult by underlying declines in sales volumes and cost inflation. UBS has also pared its like-for-like sales forecasts for [...]