ENRC plans to triple capitalization, outstrip Kazakhmys in copper production

摘要

Kazakh integrated mining company Eurasian Natural Resources Corporation (ENRC) has announced ambitious plans for its development over the next three years. Speaking at a meeting with managers of Aluminium of Kazakhstan and Kazakh Reduction Plant in Pavlodar, company shareholder Alexander Mashkevich said the miner is looking to treble capitalization by 2014. Underlining its ambitious plans are significant interests in Africa including copper assets which could see production hit 350,000 tonnes per year, which would see it outstrip global top-10 producer Kazakhmys in terms of output. Copper isn't the group's only interest, however, and it is also weighing platinum projects on the continent. However, it is iron ore which remains its chief commodity, and it is hoping its project in Brazil will see it become a top-five producer worldwide. There was further impetus for diversified development this week, with the announcement that Kazakhstan's National Welfare Fund has secured a 2-billion dollars loan from China for modernization projects.