Eurasian Natural Resources Corporation
Encyclopedia
Eurasian Natural Resources Corporation PLC (ENRC) is a diversified natural resources company headquartered in London, United Kingdom. It has activities in mining, processing, energy, logistics and marketing.
ENRC has its primary listing on the London Stock Exchange
and is a constituent of the FTSE 100 Index
. It has a secondary listing on the Kazakhstan Stock Exchange
.
. The company in its present form was established in 2006 as part of a re-organisation to consolidate a series of businesses into one Group.
The company floated around 20% of its equity on the London Stock Exchange
in December 2007 and joined the FTSE 100 in March 2008.
In December 2009 the Company completed acquisition of the Central African Mining Exploration Company (CAMEC). CAMEC's operations incorporate the assets of copper and cobalt
in the Democratic Republic of Congo, the development projects of coal in Mozambique
, bauxite
in Mali
, platinum
in Zimbabwe
, and fluorspar in South Africa, as well as trucking and logistics business across the African continent.
CAMEC's Mukondo Mine
may be the richest cobalt reserve in the world. Copper from Mukondo is refined at the Luita
plant, with planned capacity of 100,000 tonnes per year of copper cathode.
In July 2009 CAMEC announced a long term agreement under which CAMEC would deliver its entire annual production of cobalt in concentrate from Mukondo Mountain to Zhejiang Galico Cobalt & Nickel Materials of China.
In February 2010 ENRC acquired a 90% interest in Chambishi Metals PLC, a smelting facility in Zambia, together with a 100% interest in Comit Resources FZE, a Dubai-based marketing and sales company that historically has handled Chambishi’s copper and cobalt sales. In August 2010 company acquired 50.5% of Camrose Resources Limited ('Camrose'). Camrose's assets are high quality copper and cobalt exploitation licences located in the DRC.
They include the Kolwezi tailings project
, which the DRC government had confiscated from First Quantum Minerals
(FQM).
FQM had spent C$750 million developing the Kolwezi assets. ENRC paid $175 million for its majority stake in Camrose.
In September 2010 ENRC acquired the outstanding 50% interest in Bahia Minerals BV and in October 2010 – 100% of Mineração Minas Bahia SA (MIBA) and 51% of Mineração Peixe Bravo SA (MPB).
The Group’s assets in the Republic of Kazakhstan comprise Kazchrome, Zhairem GOK, SSGPO, Aluminium of Kazakhstan, Kazakhstan Aluminium Smelter (KAS), Eurasian Energy Corporation (EEC) and ENRC Logistics. Other assets, notably the Other Non-ferrous Division, are mainly located in Africa.
Contributing significantly to Kazakhstan's GDP, the Group is now one of the world's largest producers of ferrochrome; one of the world's significant exporters of iron ore; the world's ninth largest producer of traded alumina; and one of the largest electricity providers in Kazakhstan.
ENRC is one of Kazakhstan's largest companies, accounting for approximately 3% of Kazakhstan's GDP in 2009. ENRC currently employs over 70,000 people, of which 65,000 are located in Kazakhstan.
|Dr Johannes Sittard
|Chairman and non-executive Director
|-
|Mr Felix Vulis
|Chief Executive Officer
|-
|Ms Zaure Zaurbekova
|Chief Financial Officer
|-
|Mr Jim Cochrane
|Chief Commercial Officer, Head of Sales & Marketing and Logistics
|-
|Mr Beat Ehrensberger
|General Counsel
|-
|-
|Mrs Victoria Penrice
|Company Secretary
|-
|Ms Mounissa Chodieva
|Head of Investor & Public Relations
|-
|}>
!Rank
!Top Investors
!Issued Capital
|-
!1
|Kazakhmys Plc
|26.00%
|-
!2
|Mr Alexander Mashkevitch
|14.59%
|-
!2
|Mr Alijan Ibragimov
|14.59%
|-
!2
|Mr Patokh Chodiev
|14.59%
|-
!5
|State Property & Privatisation Committee of Ministry of Finance of Kazakhstan
|11.65%
|}>
ENRC has its primary listing on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
and is a constituent of the FTSE 100 Index
FTSE 100 Index
The FTSE 100 Index, also called FTSE 100, FTSE, or, informally, the footsie , is a share index of the 100 most highly capitalised UK companies listed on the London Stock Exchange....
. It has a secondary listing on the Kazakhstan Stock Exchange
Kazakhstan Stock Exchange
The Kazakhstan Stock Exchange is the principal stock exchange in Kazakhstan. It is located in Almaty and was founded in 1993 as the Kazakh Interbank Currency Exchange...
.
History
The assets of the company were acquired during the mid-1990s as part of the privatisation process in KazakhstanKazakhstan
Kazakhstan , officially the Republic of Kazakhstan, is a transcontinental country in Central Asia and Eastern Europe. Ranked as the ninth largest country in the world, it is also the world's largest landlocked country; its territory of is greater than Western Europe...
. The company in its present form was established in 2006 as part of a re-organisation to consolidate a series of businesses into one Group.
The company floated around 20% of its equity on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
in December 2007 and joined the FTSE 100 in March 2008.
In December 2009 the Company completed acquisition of the Central African Mining Exploration Company (CAMEC). CAMEC's operations incorporate the assets of copper and cobalt
Cobalt
Cobalt is a chemical element with symbol Co and atomic number 27. It is found naturally only in chemically combined form. The free element, produced by reductive smelting, is a hard, lustrous, silver-gray metal....
in the Democratic Republic of Congo, the development projects of coal in Mozambique
Mozambique
Mozambique, officially the Republic of Mozambique , is a country in southeastern Africa bordered by the Indian Ocean to the east, Tanzania to the north, Malawi and Zambia to the northwest, Zimbabwe to the west and Swaziland and South Africa to the southwest...
, bauxite
Bauxite
Bauxite is an aluminium ore and is the main source of aluminium. This form of rock consists mostly of the minerals gibbsite Al3, boehmite γ-AlO, and diaspore α-AlO, in a mixture with the two iron oxides goethite and hematite, the clay mineral kaolinite, and small amounts of anatase TiO2...
in Mali
Mali
Mali , officially the Republic of Mali , is a landlocked country in Western Africa. Mali borders Algeria on the north, Niger on the east, Burkina Faso and the Côte d'Ivoire on the south, Guinea on the south-west, and Senegal and Mauritania on the west. Its size is just over 1,240,000 km² with...
, platinum
Platinum
Platinum is a chemical element with the chemical symbol Pt and an atomic number of 78. Its name is derived from the Spanish term platina del Pinto, which is literally translated into "little silver of the Pinto River." It is a dense, malleable, ductile, precious, gray-white transition metal...
in Zimbabwe
Zimbabwe
Zimbabwe is a landlocked country located in the southern part of the African continent, between the Zambezi and Limpopo rivers. It is bordered by South Africa to the south, Botswana to the southwest, Zambia and a tip of Namibia to the northwest and Mozambique to the east. Zimbabwe has three...
, and fluorspar in South Africa, as well as trucking and logistics business across the African continent.
CAMEC's Mukondo Mine
Mukondo Mine
Mukondo Mine is a copper and cobalt mine in Katanga Province, Democratic Republic of the Congo. As of 2011 it was operated by the Central African Mining and Exploration Company...
may be the richest cobalt reserve in the world. Copper from Mukondo is refined at the Luita
Luita
The Luita plant will be the largest copper and cobalt processing plant in Africa, and the largest cobalt facility in the world. It is being built in modules by the Central African Mining and Exploration Company in Katanga Province, Democratic Republic of the Congo.The Luita plant is designed to...
plant, with planned capacity of 100,000 tonnes per year of copper cathode.
In July 2009 CAMEC announced a long term agreement under which CAMEC would deliver its entire annual production of cobalt in concentrate from Mukondo Mountain to Zhejiang Galico Cobalt & Nickel Materials of China.
In February 2010 ENRC acquired a 90% interest in Chambishi Metals PLC, a smelting facility in Zambia, together with a 100% interest in Comit Resources FZE, a Dubai-based marketing and sales company that historically has handled Chambishi’s copper and cobalt sales. In August 2010 company acquired 50.5% of Camrose Resources Limited ('Camrose'). Camrose's assets are high quality copper and cobalt exploitation licences located in the DRC.
They include the Kolwezi tailings project
Kolwezi tailings project
The Kolwezi tailings project is a major project in the Kolwezi mining area of the Democratic Republic of the Congo to recover copper from the tailings, or processed ore, from mining in the region since the 1950s....
, which the DRC government had confiscated from First Quantum Minerals
First Quantum Minerals
First Quantum Minerals Ltd. is a Vancouver, British Columbia based mining and metals company whose principal activities include mineral exploration, development and mining....
(FQM).
FQM had spent C$750 million developing the Kolwezi assets. ENRC paid $175 million for its majority stake in Camrose.
In September 2010 ENRC acquired the outstanding 50% interest in Bahia Minerals BV and in October 2010 – 100% of Mineração Minas Bahia SA (MIBA) and 51% of Mineração Peixe Bravo SA (MPB).
Operations
ENRC operates in Kazakhstan, China, Russia, Brazil and Africa (the Democratic Republic of Congo, Zambia, Mozambique and South Africa). The Group incorporates six Divisions:- Ferroalloys
- Iron Ore
- Alumina and Aluminium
- Energy
- Other Non-ferrous
- Logistics
The Group’s assets in the Republic of Kazakhstan comprise Kazchrome, Zhairem GOK, SSGPO, Aluminium of Kazakhstan, Kazakhstan Aluminium Smelter (KAS), Eurasian Energy Corporation (EEC) and ENRC Logistics. Other assets, notably the Other Non-ferrous Division, are mainly located in Africa.
Contributing significantly to Kazakhstan's GDP, the Group is now one of the world's largest producers of ferrochrome; one of the world's significant exporters of iron ore; the world's ninth largest producer of traded alumina; and one of the largest electricity providers in Kazakhstan.
ENRC is one of Kazakhstan's largest companies, accounting for approximately 3% of Kazakhstan's GDP in 2009. ENRC currently employs over 70,000 people, of which 65,000 are located in Kazakhstan.
Management
ENRC management team consists of:Johannes Sittard
Dr Johannes Sittard is the Non-executive director and Chairman of Eurasian Natural Resources Corporation , having been the Chief Executive Officer of the Group until 20 August 2009. Dr Sittard has extensive experience in the Natural Resources and Steel Industry, having worked in the business for...
|Chairman and non-executive Director
|-
|Mr Felix Vulis
|Chief Executive Officer
|-
|Ms Zaure Zaurbekova
|Chief Financial Officer
|-
|Mr Jim Cochrane
|Chief Commercial Officer, Head of Sales & Marketing and Logistics
|-
|Mr Beat Ehrensberger
|General Counsel
|-
|-
|Mrs Victoria Penrice
|Company Secretary
|-
|Ms Mounissa Chodieva
|Head of Investor & Public Relations
|-
|}>
Ownership
The top-five ENRC investors includes:!Top Investors
!Issued Capital
|-
!1
|Kazakhmys Plc
|26.00%
|-
!2
|Mr Alexander Mashkevitch
|14.59%
|-
!2
|Mr Alijan Ibragimov
|14.59%
|-
!2
|Mr Patokh Chodiev
|14.59%
|-
!5
|State Property & Privatisation Committee of Ministry of Finance of Kazakhstan
|11.65%
|}>