Eurasian Natural Resources Corporation has today announced that, taking into account the effect of one-off step-up gains and impairments, the effective-tax-rate (ETR) for the Group, for 2012, is expected to be around 45%.
The rate is above the previously guided level of 37% to 39%, mainly due to the write-off of the deferred tax asset by Aluminium of Kazakhstan ('AoK'), higher than expected expenditure on asset development and resulting unrecognised tax losses and, because of the adverse changes in commodity prices and market conditions, to which the ETR remains sensitive.
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